Link at Douglas is the first apartment tower in a multi-phase project from developers Adler Group, Barings and 13th Floor Investments. It's expected to feature 1,600 apartment units, 70,000 square feet of office space and 30,000 square feet of retail in one of the biggest transit-oriented developments in Miami.
The project at 3060 SW 37th Ave. is near a Metrorail stop, a valuable asset for residents on the move in a city that's only getting denser. The development is located in Coral Gables, one of the most in-demand apartment markets in Miami, where rents have surged more than 25% year over year, according to CoStar data. The Underline, Miami's 10-mile park and urban trail, also is adjacent to the project.
High demand: Apartments are a sought-after investment in Miami, where rents have surged more than 18% year over year, according to CoStar data. More than 18,000 units are under construction, making up roughly 10% of Miami's total apartment inventory. That apartment demand comes at a cost: Miami was named the least affordable housing market in the U.S., according to a February 2022 RealtyHop report. Roughly 12% of the units at the Link at Douglas are planned to be geared toward workforce housing.
Construction started on the project's initial 312 units around January 2019 and was completed in July 2021. The Link's second building is expected to finish later this summer. The project's final phase may break ground in the first quarter of 2023 and wrap up in 2026. That phase is reported to include a pair of 39-story towers, which are expected to be the tallest buildings south of the Brickell neighborhood.
What they're saying: "This is not just another" economic cycle, said Arnaud Karsenti, managing principal of 13th Floor Investments. "Miami is transforming as a more mature city and public transit will continue to become more relevant. Link is a rare opportunity to develop state-of-the-art residential product above Miami's mass transit corridor, which is very exciting."
CoStar's Impact Awards highlight the commercial real estate transactions and projects that have transformed their markets over the past year. The winners are chosen by independent panels of industry professionals who work in the markets they judge. A list of judges can be found here and the criteria for selecting winners can be found here.