Oak Row Equities and LNDMRK Development have officially broken ground on 2900 Terrace, a significant new luxury multifamily tower in Miami’s Edgewater neighborhood. This development follows the successful procurement of $210.5 million in construction financing earlier this summer, signaling a major step forward for this prime real estate project.
Key Takeaways
- Oak Row Equities and LNDMRK Development are developing 2900 Terrace, a luxury multifamily tower in Miami’s Edgewater.
- The project secured $210.5 million in construction financing, including a $142.5 million senior loan from Bank OZK and a $68.0 million mezzanine loan from Canyon Partners Real Estate.
- Designed by Arquitectonica, the tower will feature 324 spacious one, two, and three-bedroom residences with high-end finishes and extensive amenities.
- Completion is anticipated by the fourth quarter of 2027.
A New Standard in Edgewater Living
Oak Row Equities, led by Erik Rutter and David Weitz, and LNDMRK Development, headed by Alex Karakhanian, are set to redefine multifamily living in Miami with the commencement of 2900 Terrace. The project’s financing includes a substantial $142.5 million senior loan from Bank OZK and a $68.0 million mezzanine loan provided by Canyon Partners Real Estate.
Architectural Vision and Resident Amenities
The 2900 Terrace tower, designed by the renowned Arquitectonica, is strategically located on one of the last undeveloped parcels east of Biscayne Boulevard. It promises protected Biscayne Bay views, abundant natural light, and exceptional finishes. The development will offer 324 spacious one, two, and three-bedroom residences, many featuring large wraparound terraces and dedicated home office spaces. Interior designs will emphasize calming color palettes and opulent materials, aiming for a sense of permanence.
The building’s extensive amenity program is designed with wellness as a core principle. Residents can expect a state-of-the-art fitness center, yoga studio, co-working spaces with podcast and content creator studios, a card room, resident lounge, treatment rooms, sauna, golf simulator, theater, and a children’s playroom. Outdoor amenities include a landscaped deck with a swimming pool, cold plunge, poolside cabanas, BBQ grills, hot tub, summer kitchen, two padel courts, a children’s playground, and a co-working terrace.
Prime Location and Future Outlook
Situated on 1.5 acres, 2900 Terrace will feature a thoughtfully designed ground-floor experience with expansive landscaped areas. Residents will have covered access and the property will provide over 500 parking spots, including EV charging stations. The Edgewater location offers convenient access to lifestyle amenities such as Margaret Pace Park, diverse dining and retail options, and proximity to Wynwood, Midtown, the Design District, Miami International Airport, and Brickell.
Oak Row Equities has a growing portfolio in South Florida, recently celebrating the grand opening of Wynwood Plaza and currently under contract for a significant waterfront property in Brickell. Completion of 2900 Terrace is projected for Q4 2027.