The Real Deal Miami

MDM and ZOM finish their Met 3 tower in downtown Miami

Building's retail portion opened with Whole Foods anchor last year

June 16, 2016 02:15PM

  • Print
Rendering of Met 3, left, and the completed building, right

Rendering of Met 3, left, and the completed building, right (Credit for rendering: Nichols Brosch Wurst Wolfe & Associates)

The Monarc at Met 3 apartment tower in downtown Miami is officially open for business.

MDM Development and ZOM have just completed their 32-story mixed-use tower roughly four years after beginning construction.

Suffolk Construction, the developers’ general contractor, announced the completion Thursday.

The building is split into two portions: an 11-story podium with 1,442 parking spots and retail space that’s anchored by Whole Foods, and then the apartment portion with 462 rental units.

Suffolk finished the Whole Foods section early last year, and the developers sold the 41,000-square-foot space it occupies months later to shopping investor EDENS for nearly $20 million.

Units in Monarc at Met 3 range from studios to three-bedroom residences, or 620 square feet to 1,450 square feet. Rents fall between $1,930 per month to more than $2,334. So far, 25 percent of the units have been leased at an average price of $3 per square foot, according to Greg West, senior vice president of ZOM.

Monarc is just one piece of MDM’s massive Metropolitan Miami mixed-use project. Its phases include the Met 1 condo tower; Met 2, composed of the Wells Fargo Financial Center and the JW Marriott Marquis Miami; and Met Square, the final phase consisting of a 43-story apartment tower with 391 units, ground-floor retail space and an 80,000-square-foot Silverscreen Cinema. It’s currently under construction.

This week, ZOM bought into Met Square and closed on a $101 million construction loan for the tower. — Sean Stewart-Muniz