Miami’s Edgewater neighborhood is set to welcome a significant new residential high-rise, as "2900 Terrace" has received its master construction permit. This development marks a major step forward for the project, which aims to add 324 "condo quality" apartments to the area.
Key Takeaways
- A master construction permit has been issued for the 38-story "2900 Terrace" tower in Edgewater.
- The project will feature 324 apartments with high-end finishes and amenities.
- Construction financing of $210.5 million was secured in June.
- Completion is anticipated in the fourth quarter of 2027.
Project Details
The 38-story tower, officially named "2900 Terrace," will offer 324 residential units. These apartments are designed to be of "condo quality," boasting larger-than-average floor plans and a comprehensive suite of amenities for residents. The project is a joint venture between Oak Row Equities and LNDMRK Development, with Principal Alex Karakhanian representing the latter.
Financial Backing and Timeline
Developer Oak Row Equities successfully secured $210.5 million in construction financing for the project in June. This financial backing is crucial for commencing the full-scale construction. The architectural design for "2900 Terrace" has been handled by the renowned firm Arquitectonica. The anticipated completion date for the tower is the fourth quarter of 2027.