Developer Plans Nearly 700 Apartments in Downtown Miami

Developer Property Markets Group paid $55 million for a site at 400 Biscayne Blvd. in downtown Miami, where it plans to build nearly 700 rental units above 20,000 square feet of shops and restaurants.

The property is located across from Bayside Marketplace and offers unobstructed views of Biscayne Bay.

“We feel that this market is one of the most important areas of Miami from a future growth perspective, general location and view standpoint,” said Ryan Shear, principal of PMG.

The seller, First United Methodist Church of Miami, will continue operating at the site until PMG is ready to move forward, probably within a year, officials said. PMG and partner Greybrook Realty Partners will build a new church with a separate entrance on the land once the mixed-use project is finished.

“The timing was right for the church to take advantage of the revitalization in the neighborhood and gracefully grow together with the thriving city around us,” FUMC Pastor Audrey Warren said.

The church wanted to establish a good working relationship with the eventual buyer and was impressed with PMG’s executives and vision for the site, said Luis Flores, a partner with Saul Ewing Arnstein & Lehr, which represented the developer.

“They had a good feeling when they sat across the table from them,” Flores said of the church leaders.

See CoStar COMPS #4111195 for more information on this transaction.

The project is part of PMG’s X Social Communities portfolio geared towards young professionals in downtown settings. The developer is planning 5,000 units nationwide over the next five years, including the 464-unit X Miami in downtown Miami opening this summer and the 1,200-unit X Las Olas on the failed Las Olas Riverfront property in Fort Lauderdale, FL delivering in early 2020.

Other projects are planned for Chicago this spring and Denver in 2020.

Amenities in the communities will include co-working spaces, gyms and fitness studios, communal kitchens, dog runs and bike storage facilities. Keyless entry is available with a mobile app.

Source: Developer Plans Nearly 700 Apartments in Downtown Miami