MIAMI—Multifamily development isn't slowing down in Miami. A new class A apartment project is set to rise near Dadeland Mall in Kendall as 13th Floor Investments and Adler Group just closed on a long-term ground lease with rights to develop a parcel next to the Dadeland North Metrorail station and Dadeland Station retail complex. Financial terms of the deal were not disclosed.
The joint venture between 13th Floor and Adler acquired the development rights from Green Companies, which initially entered into a ground lease with Miami-Dade County. Development plans call for a class A multifamily building. Architectural designs for the project are already underway.
“This transaction is the latest example of how 13th Floor Investments seizes opportunities to partner with like-minded firms when it comes to getting deals done and getting developments off the ground,” says 13th Floor managing principal Arnaud Karsenti. “With numerous employers nearby and excellent connectivity to mass transit, this is an ideal setting for high-quality rental apartments.”
A number of residential demand drivers make this a strong multifamily development site. For starters, it's near the University of Miami and Baptist Hospital. It offers access to the Metrorail system, US 1, and the Palmetto Expressway. And it's next to the Dadeland Mall, one of the nation's busiest shopping centers.
“The Dadeland market is a unique community due to its location, infrastructure, and businesses,” says Michael M. Adler, CEO of Adler. He notes that the urban project will provide a “live, work, play experience for residents who work nearby as well as an easily accessible transit solution for those who work in the Downtown/Brickell area.”
Now let's take a closer look at the partners. For 13th Floor, the planned multifamily development will be the latest addition to its residential property portfolio.
The firm is currently developing assets in Miami-Dade, Broward, and Collier Counties. Projects include the 1010 Brickell condominium in Downtown Miami, the 400 Sunny Isles condominium in Sunny Isles, the Central Parc single-family home development in Tamarac, and the Sierra Grande apartment building in Naples.
Adler has a long history developing and managing multifamily properties across South Florida. The firm has built more than 8,000 multifamily rental units in the past 50 years. Adler has about 1,300 multifamily units under development including the Shorecrest Club Luxury Apartment complex.
The Shorecrest, which includes 467 apartment units in two towers located directly on Biscayne Bay, is expected to deliver to market in late 2014. Other multifamily projects include Pavilion a 250-unit midrise luxury apartment community in East Tampa, starting construction this summer and a 300-unit luxury high-rise rental apartment project in Midtown Miami.
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