A new downtown Miami transit-oriented residential tower has been announced, with a “spectacular” design.
The 700,000-square-foot tower will be known as First & Fifth, and is being developed by Oak Row Equities.
It will be located across from Brightline’s MiamiCentral, on a property with a rare perfect transit score of 100.
The 45-story tower is being designed by architect ODP to pay homage to Miami’s turn-of-the-century Venetian architecture. It is also said to draw inspiration from the Doge Palace in Venice.
A 1925 historic structure on the site will be preserved.
500 luxury apartments will be built, with access to robust amenities. Rent prices are not yet being announced yet.
Oak Row Equities paid $38.5 million for the site in an off-market deal, and structured seller financing supported by in-place income. Colliers Executive Managing Director Mika Mattingly and Senior Associate Cecilia Estevez of the South Florida Urban Core Team & Vincent Pastore of Pastore and Associates represented the seller in the transaction.
Other developments by Oak Row Equities include The Oasis, Wynwood Plaza, 2600 Biscayne Boulevard, and 2900 Terrace.
