Aimco Plans 60-story Rental Tower in Miami’s Edgewater

Multifamily big Aimco filed plans for a 60-story waterfront rental tower in Miami’s Edgewater neighborhood, throughout the road from its Hamilton on the Bay condominium constructing.

The Denver-based actual property funding belief is proposing a 241-unit mixed-use condominium tower at 555, 560, 600, 610, 620, 630, and 640 Northeast thirty fourth Avenue, in keeping with plans submitted to Miami-Dade County. The event, on greater than an acre of land, would additionally embrace a roughly 4,700-square-foot industrial area for a restaurant on the bottom ground and a brand new parking storage.

Aimco acquired the Hamilton, a 28-story, 271-unit bayfront constructing on the north facet of thirty fourth Avenue in 2020. Lower than a yr after shopping for the property from the Arison household, the publicly traded agency, led by CEO Wes Powell, made headlines when it canceled the leases of its tenants throughout a intestine renovation of the constructing.

Aimco plans to speculate greater than $200 million into the event of the brand new tower throughout the road. The subsequent step is more likely to go earlier than the town of Miami’s City Improvement Evaluation Board for approval in June.

This yr, Aimco partnered with Brooklyn actual property agency Beitel Group on a deliberate growth farther west on the identical block. Beitel paid $45 million for the assemblage at 3333 Biscayne Boulevard, two months after Denver-based Aimco’s $1.7 million buy of 440 Northeast thirty fourth Avenue. Collectively, they plan to construct a 1.5 million-square-foot undertaking with greater than 600 flats, retail and workplace area.

The Beitel properties, the Hamilton and the brand new growth website whole 7.9 acres. Aimco, an condominium funding and growth agency, owns 5.5 of these acres. It could be assembling land for a Particular Space Plan, which requires at the very least 9 acres.

House and condominium builders have flocked to Edgewater in droves. The neighborhood is north of downtown Miami and close to Midtown and the Miami Design District.

Two Roads Improvement not too long ago closed on a $150 million bulk condominium buy of Biscayne 21 at 2121 North Bayshore Drive, the place it plans to develop a multi-tower luxurious condominium undertaking.

In a separate deal, the newly established American arm of Paris-based Groupe Metropolis acquired a growth website at 423 Northeast twenty seventh Avenue to construct a residential tower, marking the agency’s first undertaking within the U.S.