A joint venture between LNDMRK Development and Oak Row Equities has received the approval of the Urban Development Review Board for the development of 2900 Terrace, a 324-unit luxury community in Miami. Move-ins are anticipated in 2026.
Designed by Arquitectonica, the 38-story tower is set to comprise one-, two- and three-bedroom layouts averaging 1,069 square feet, according to Miami Condo Investments. Plans also call for some 13,100 square feet of retail space and 22,350 square feet of office space.
Spread across two whole floors, the building’s amenities will consist of a fitness center with yoga studio, pet spa, sauna and golf simulator, together with coworking spaces with podcast studios and a content creator studio. In addition, the community will feature a swimming pool with cabanas and coworking terrace, as well as EV charging stations and more than 500 parking spaces.
The residential tower will rise on 1.5 acres at 401 NE 29th Terrace in the Edgewater neighborhood, close to a host of dining and retail options including The Shops at Midtown Miami and Midtown shopping mall. Miami Design District and Margaret Pace Park are within a 1-mile radius, while downtown Miami is 5 miles away.
Miami’s strong development pipeline
In August, the joint venture received the local authorities’ approval for 2600 Biscayne, a two-tower development that is set to add 399 units to Miami’s inventory. Oak Row Equities is also working on a 1 million-square-foot mixed-use project in Miami’s Wynwood Arts District that is slated to include 509 upscale apartments and a 12-story office building.
According to a Yardi Matrix report, 5,868 units were added to Miami’s multifamily stock year-to-date as of August, most of them pertaining to the Lifestyle segment. A total of 45,673 units were under construction during the same period, with some 20,900 apartments expected to enter the metro’s inventory this year.
