Developer Namdar Group has secured $460 million in financing for a two-phase mixed-use venture that will deliver more than 1,000 apartments to downtown Miami.
Plans call for two 43-story towers connected on floors one through eight, with the complex itself spanning more than 700,000 square feet. Both towers are currently undergoing construction, with the first phase slated for an early 2026 completion and the latter phase expected in spring 2028.
Construction is ongoing on the two phases. Image from Google Earth
The first phase will span close to 360,000 square feet and comprise 680 units. The second phase will feature 714 apartments in 395,000 square feet. Homes at both phases will include studio, one-bedroom, and two-bedroom homes. Additionally, each 43-story tower will feature its own respective fitness center, movie room, and outdoor terraces. They will share a basketball court, bowling alley, and dog washing station.
Other features include 7,100 square feet of retail space and 269 parking spots in a multi-story garage. As noted, Namdar Group is the developer. It acquired the project’s build site in 2022. New York-based SCALE Lending is the lender.
The first phase is located at 55 N.E. 2nd Street. The second phase, adjacent to its predecessor, is unfolding at 50 N.E. 3rd Street, Miami, Florida, 33132, in Miami-Dade County.
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