Oak Row Equities and Lndmrk Development received approval from Miami’s Urban Development Review Board for a project in one of the last undeveloped parcels in the city's Edgewater neighborhood.
The Arquitectonica-designed, 38-story mixed-use tower 2900 Terrace will include 324 luxury units and ground-floor retail.
The neighborhood has seen increased development after the completion of the Shops at Midtown Miami in 2006 and the growth of Wynwood, which is a few blocks away. The tower is also in proximity to the Design District, and downtown Miami is about five miles farther south.
“2900 Terrace signals the true sophistication of the Miami market. A multifamily asset of this caliber is a direct response to the maturation of the South Florida market,” said Erik Rutter, managing partner of Oak Row Equities, in a statement.
Located at 401 NE 29th St., the project would include 24/7 concierge service, 500 parking spots with electric vehicle charging stations, a fitness center and yoga studio, pet spa, coworking spaces, podcast and content creator studios, resident lounge, sauna, golf simulator, theater, children’s playground and outdoor pool and cabanas. The project includes 400,000 square feet of total space, with 13,108 square feet devoted to retail, according to CoStar data.
Rutter added in the statement that the project represented an “unprecedented” option for would-be residents who put a premium on high-quality spaces, views and amenities. David Weitz, managing partner at Oak Row Equities, said in the statement that the team anticipates global demand for the finished project.
2900 Terrace will offer one-, two- and three-bedroom apartments with wraparound terraces and home offices. Rental rates have yet to be announced, a spokesperson for the developers said. One-bedroom apartments in Edgewater average around $2,147 per month, according to CoStar data.
Farther west, Oak Row Equities is currently engaged in the development of Wynwood Plaza, a 1 million-square-foot mixed-use project with 509 apartments and a 12-story office tower at 95 NW 29th St. The office tower topped off in September.