The related group secured $76 million in financing for the development of a 343-unit luxury condominium project in downtown Miami.
Madison Realty Capital, a real estate private equity firm, said Thursday that it originated the loan. Related is managing the development of the property in partnership with ROVR development and BH Group.
The 37-story property, known as Constituency 225is at 225 North Miami Avenue. The building’s mix of furnished studios and one- and two-bedroom units has been fully pre-sold. Pre-construction selling prices ranged from $300,000 for studios to $800,000 for two-bedroom units. Each unit will include floor-to-ceiling windows and smart home technology.
Plans call for ground-level retail, a rooftop terrace with a pool and fire pits, basketball and racquetball courts, a rock-climbing wall, and co-working spaces. District 225 will also allow owners to rent out their units through Related Group’s partnership with Airbnb.
“Not only did the project sell out in record time, but it also spawned a whole new kind of unrestricted development that has already followed many other projects,” the associate group president said. Jon Paul Perez said in a statement.
The project is part of a trend to condos ready to rentand the rapid sale of District 225 is just the latest sign that downtown miami is booming as a place to live. The city center used to empty out at night and on weekends when office workers went home to the suburbs. But that trend has changed over the past decade — according to Brookings research, Miami has seen the fastest population growth of any major downtown in the past two decades. Miami’s urban core recorded a population growth of 202.5% from 2000 to 2018.
Jeff Ostrowski can be contacted at [email protected].
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