The Related Group and Merrimac Ventures have successfully secured a substantial $94.2 million in funding for the vertical construction of The Crosby, which is poised to add more density to the ongoing developments at Miami Worldcenter. The residential tower is set to ascend 33 stories high and is expected to top off at around 377 feet above ground, or 390 feet above sea level, according to building permits filed with the FAA in January. The Arkansas-based Bank OZK provided the loan to DT G Block LLC, a joint venture entity affiliated with the developers. Cohen Freedman Encinosa & Associates and AVRO|KO is in charge of the architectural design and interiors of the project, respectively. The Crosby, which broke ground earlier this year, is slated to offer 450 fully furnished, ready-to-rent residences and 3,370 square feet of retail space on the ground floor.
The Crosby Miami Worldcenter. Designed by Cohen Freedman Encinosa & Associates.
Construction progress on The Crosby should gain momentum now that the funding is in place. The 33-story tower, set to rise on a 24,000-square-foot site at 601 North Miami Avenue, will make its mark with a distinctive architectural style encapsulating modern luxury. The tower’s streamlined design, punctuated by contemporary finishes, is devised to blend seamlessly into Miami’s vibrant skyline.
The Crosby Miami Worldcenter. Designed by Cohen Freedman Encinosa & Associates.
The Crosby is ingeniously designed to maximize the potential of its location, with the lower floors laying out an expansive retail space accessible to pedestrian traffic. The tower’s range of amenities is intended to cater to a modern urban lifestyle. A notable feature of the Crosby Residences is the allowance for fully furnished units to be listed for short-term rentals on platforms like Airbnb, marking a noteworthy trend in the Miami condo market.
The Crosby – Roof Terrace. Credit: Related Group, Merrimac Ventures.
The Crosby – Lobby. Credit: Related Group, Merrimac Ventures.
With Beauchamp Construction as the general contractor, the project is expected to maintain a steady construction pace, potentially seeing the building rise above ground later this year. As per the current timeline, the completion of The Crosby is anticipated in the first quarter of 2025.
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