Crescent Heights has topped off NEMA Miami, a 39-story, 588-unit luxury apartment tower. The property is expected to be move-in ready in the summer of 2024.
Construction began in May 2022 and is subject to a $179 million construction loan provided by The Blackstone Group, according to Yardi Matrix information. Arquitectonica is serving as NEMA Miami’s architect, while Rockwell Group is overseeing the interior design. Contracting at the property is being jointly managed by McHugh Construction and Stiles Construction. Crescent Heights had previously collaborated with the former on the building of NEMA Chicago, an 800-unit mixed-use tower that came online in 2021.
Amenities in Miami
When construction finishes, NEMA Miami will include an exterior façade with patterned white and black painted stucco. The 428-foot tall community will be sectioned into studio and one-, two- and three-bedroom apartments, which will include floor-to-ceiling windows and terraces.
The ninth floor of the property will offer indoor and outdoor terraces and lounges, a swimming pool, enclosed event space and a private bar, as well as a fitness center with sports courts and a golf simulator. The community’s ground floor will host a 42,030-square-foot Whole Foods supermarket. Additionally, the property will have a seven-level, 748-space parking garage, with nearly a quarter of the spots reserved for retail customers.
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Situated at 2900 Biscayne Blvd., NEMA Miami will be within walking distance of Miami’s many downtown retail, dining and entertainment offerings. Biscayne Bay lies less than a half-mile to the east, and the city’s Design District is equidistant northward.
Miami market cools down
Following two years of rapid growth in nearly all of its key fundamentals, Miami’s multifamily market’s investment and development activity have tapered off, amid a cyclically slowing economy. Still, many outweigh the national average, and developers remain bullish about the city’s long-term returns. The city ranks as the third-largest U.S. multifamily market, behind Austin and Dallas.
According to data from a June Yardi Matrix report, 2,732 unit were completed in Miami through April, 0.30 percent above the national average. Upwards of 19,000 units will come online by the end of the year.
A joint venture between PMG and Greybrook Realty Partners closed on $226 million in construction financing for the development of the second phase of Society Las Olas, a 42-story, 850,000-square foot project in Fort Lauderdale, in July. One week earlier, Fisher Brothers broke ground on Wynhouse Miami, a mixed-use project that will include 308 multifamily units.
