Decking operations have commenced on Namdar Towers Phase II, the second tower of a 43-story mixed-use development at 50 NE 3rd Street in Downtown Miami. The project is being developed by Namdar Group, with John Moriarty & Associates serving as general contractor and Behar Font & Partners as architect.
Recent aerial photography highlights the site’s constrained urban footprint, with the Miami Sun Hotel nestled directly between the completed first tower and the active Phase II site. Despite the tight quarters, two tower cranes now rise above the property. Reinforced concrete columns, shear walls, and formwork outline the second tower’s footprint, and the initial elevated slabs mark the early stages of the building’s superstructure and podium.
Photo by Oscar Nunez.
Photo by Oscar Nunez.
Upon completion, the two-tower development will deliver a combined 1,394 residential units, ranging from studios to two-bedroom apartments. The residences will feature floor-to-ceiling windows, balconies, wood-style flooring, quartz countertops, stainless steel appliances, and chrome-finished bathrooms. Phase I accounts for 680 of those residences across approximately 358,000 square feet, while Phase II is planned to deliver the remaining 714 units across roughly 395,000 square feet.
The towers will be physically connected from the first through eighth floors by a shared podium that will house 269 parking spaces and 7,100 square feet of ground-floor retail. The seventh and eighth floors will feature 62,000 square feet of indoor and outdoor amenities. Shared spaces for the entire complex will include a basketball court, bowling alley, and dog wash. Each tower will feature its own dedicated fitness center, golf simulator, co-working space, movie theater room, outdoor terrace, party room, and resident lounge.
The development is backed by substantial funding from SCALE Lending, the debt financing arm of Slate Property Group. In late 2025, Namdar Group secured a $460 million financing package split evenly between the two phases. This included a $230 million bridge loan allocated toward the completion and lease-up of Phase I, as well as a separate $230 million construction loan for Phase II. This follows an earlier August 2022 funding package from SCALE, which provided a $195 million cross-collateralized facility made up of a $172 million loan for Phase II site acquisition and development and a $23 million land loan.
Situated in the heart of Miami’s Central Business District, the site offers excellent transit access via the Metromover and Metrorail systems, providing seamless connectivity across Miami-Dade County and to Miami International Airport. The location also places residents just two blocks away from Flagler Street’s retail corridor and a short walk north of Mary Brickell Village.
Based on the construction timeline of the first tower, we can make a very educated guess for Phase II. Phase I officially began site work and foundation pouring in early to mid-2023. It moved at a relatively aggressive pace, topping off its 43 stories by the end of 2024, and ultimately securing its Temporary Certificate of Occupancy in early 2026. This gives Phase I a total construction lifecycle of roughly two and a half to three years from dirt to completion.
If a similar construction timeline is maintained, Phase II could follow a comparable trajectory to the first tower. Phase II officially broke ground in September 2025, and with foundation work largely complete and vertical decking operations now underway as of March 2026, the project appears to be progressing on schedule. Based on this pace, the second tower could potentially top out in late 2027 and reach completion in 2028, pending construction sequencing, site conditions, and external factors.
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