The Standard Residences, Midtown Miami has paid off its $45,045,000 construction loan from Bank OZK as the 12-story condominium at 3100 NE 1st Avenue approaches opening in Midtown Miami. Designed by Arquitectonica and developed by Rosso Development, Hyatt, and Midtown Development, the project yields 228-units featuring interiors by Urban Robot in collaboration with The Standard’s in-house design team and landscape design by Naturalficial.
The financing was originally secured in 2023, with a JLL Capital Markets Debt Advisory team led by Senior Managing Director Brian Gaswirth and Director Jimmy Calvo representing the developer. The payoff marks a financial milestone for the nearly sold-out pied-à-terre-style residential building, which has five residences remaining.
Credit: Atlas Media, LLC.
“Delivering a building that authentically connects with the community and elevates Midtown’s cultural fabric is a deeply rewarding personal achievement,” said Carlos Rosso, Founder and CEO of Rosso Development. “It is a testament to the dedication of our exceptional team and partners who came together to bring this landmark vision to life.”
“Congratulations to Rosso Development, Midtown Development and the entire team on achieving this significant milestone ahead of schedule,” said Brian Gaswirth. “This moment speaks volumes about the project’s caliber and the confidence it has inspired in the market.”
The project will include more than 34,000 square feet of amenity space. The rooftop program includes a landscaped deck with a 60-foot resort-style pool and Solana, a restaurant and bar by Juvia Group. Additional amenities include a fitness center, yoga and stretch studios, an infrared sauna, co-working and social lounges, karaoke, and a pickleball court that converts into a disco. Food and beverage offerings include Mannarino, Sushi Garage, Rosetta Bakery Café, and Privato Speakeasy.
Sales and marketing for The Standard Residences, Midtown Miami are being handled exclusively by Douglas Elliman Development Marketing.
Rosso Development and Midtown Development are also advancing Midtown Park, a forthcoming $2 billion, five-acre mixed-use district planned to include retail, dining, residential, office, public green space, and an ULTRA Padel Club.
Credit: Midtown Park by Proper.
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
Be the first to comment on "The Standard Residences, Midtown Miami Pays Off $45 Million Construction Loan Ahead Of Opening"