Adler Group, ECI Group Announce Two New Luxury Rental Towers Along Miami's Biscayne Bay
Adler Group Rental Rendering
(Miami, FL) -- This past week a new multifamily project by Miami-based
Adler Group and Atlanta-based ECI Group was announce to meet rising
demand for rental housing in South Florida.
Adler and ECI have
made plans to develop two luxury 20-story apartment towers overlooking
Biscayne Bay on a 2.84 acre site located at 7950 NE Bayshore Court.
Groundbreaking is scheduled for later this year and the development
timeline is expected to last 24 months.
News of the development
comes as Miami experiences an uptick in demand for multifamily living
and a depletion of available rental supply. A recent market study
conducted by Focus Real Estate Advisors found that overall average
vacancy rates in the Miami rental market declined steadily over the past
seven quarters, dropping to 4.7% as of Q4 2011. Rising demand and
extremely limited supply currently in development both market-wide and
in Miami's Upper East Side indicate these trends will continue,
according to the report.
The Adler-ECI development will fill a
void of available rental product in the mainland Miami communities north
of the Downtown/Brickell market and south of the Aventura/Sunny Isles
market. The new development will be situated just north of NE 79th
Street, directly across the 79th Street Causeway from Miami Beach and
halfway between downtown Miami and Aventura. The site was the former
home of the historic Mike Gordon's Seafood Restaurant, a Miami dining
institution for more than a half-century prior to its closing.
The
property is fully entitled for multifamily development within the
confines of a Major Use Special Permit (MUSP). The acquisition of the
land was financed by Miami-based Apollo Bank.
"All signs indicate
there is fast-growing demand for quality apartments in Miami's
well-located Upper East Side neighborhood, so this development will fill
a niche in the city's rental market," said Adler Group CEO Michael M.
Adler. "The Adler-ECI partnership brings decades of national expertise
building and managing rental properties just as Miami's multifamily
market improves, with employment numbers strengthening, rental rates on
the rise due to growing demand, and new supply at historically low
levels."
The rental complex will be professionally managed,
offering a host of amenities for residents. Features will include up to
13 boat slips zoned for development on Biscayne Bay and a new
neighborhood park that will be dedicated by Adler and ECI and owned by
the City of Miami directly across 79th street from the apartment
complex.
The joint venture marks Adler Group's return to its
roots in multifamily development and ECI Group's entrance into the Miami
market. Founded more than 50 years ago by high-rise apartment developer
and multifamily housing pioneer Samuel I. Adler, the Adler Group
developed more than 8,000 rental units in South Florida during its
earliest days and has continued to build luxury residences at affordable
prices. Additionally, the firm has developed, acquired and operated in
excess of 20 million square feet of office parks, industrial complexes,
and retail centers in recent years.
ECI Group has more than 40
years of experience building and managing top quality apartment and
commercial properties across the Southeast U.S. The firm currently owns
and manages approximately 9,300 apartment units at 40 properties across
Georgia, Alabama, Mississippi, Louisiana and Florida.
From World Property Channel
