Property Markets Group and E11EVEN Partners have secured a hefty $262 million construction loan and broke ground on their second tower, E11EVEN Residences Beyond. This significant step forward paves the way for adding a remarkable 700-foot, 65-story skyscraper to Miami’s skyline, set to rise at 90 Northeast 11th Street in District 11 at Park West. Sieger Suarez Architects is the architect for the development, which will contain 550 residential units featuring interior design by AvroKO. John Moriarty & Associates is the general contractor.
The $262 million construction financing was extended by Madison Realty Capital of New York, with JLL managing the servicing of the loan. This announcement follows the successful $149 million construction financing procured last year from Starwood, which was employed to erect the first tower, E11even Hotel and Residences Miami, a mixed-use structure with 449 units to be completed by late 2025.
Credit: Property Markets Group, E11EVEN Partners.
PMG and E11even Partners, already riding high on the 100% pre-sale of the units in the first tower, have managed to sell approximately 80% of the units in the second tower. The developers have a 2026 deadline to unveil the complete mixed-use development.
Amidst the construction frenzy, PMG and E11even Partners have been actively securing retail and hospitality tenants. Commercial Observer reported in April that Riviera Dining Group (RDG) would occupy a 16,000-square-foot restaurant on the second floor and a 5,200-square-foot private lounge on the rooftop of E11even Hotel and Residences Miami. The company behind The Clayton, a private lounge in Chicago, has also secured retail space at E11even Residences Beyond.
Rendering by ArX Creative.
The amenity-rich development, located just across from the 24-hour nightclub E11even Miami, is expected to house a casino-style sports lounge, spas, fitness centers, a day club, a pool, and rooftop venues.
Michael Simkins of E11EVEN Partners revealed that the team had recently expanded their site by purchasing the former Heart nightclub at 50 N.E. 11th Street. This acquisition enabled the team to enlarge the amenity podium at E11EVEN Residences Beyond, adding more condos to the building. The units, ranging from studios to two-bedroom apartments, come fully furnished, with prices starting at $1,500 per square foot.
Rendering by ArX Creative.
“We are excited to draw from our significant expertise and scale in the Miami market to work with PMG and E11EVEN Partners to deliver an exciting new luxury residence centrally located in Miami’s vibrant District 11,” stated Josh Zegen, managing principal and co-founder of Madison Realty Capital. “PMG has already successfully pre-sold over 80 percent of residences to date as Miami continues to attract major businesses and demand from professionals seeking highly amenitized housing options continues to rise.”
The developers have announced that the Chicago-based cigar and social club, the Clayton, will occupy 10,000 square feet on the second floor of the building. Other amenities will include a pool deck, a lounge, a signature restaurant, a coworking space, a helipad, and a fitness center. A bridge will connect the two towers, granting residents access to shared amenities.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Loud. The project is on a super busy highway. Noise 24/7.
True. Buyers of these condos cannot open their sliding doors because the highway is too loud.