After nixing condo plans, Midtown 6 revived as rental tower

Project will have 447 units and ground-floor retail

TRD MIAMI /
May.May 23, 2016 12:10 PM

Nine months after pulling the plug on their plans to build a condo tower called Midtown 6, Magellan Development Group and Midtown Development have announced they’re revisiting the project with a new angle: rental apartments.

The developers announced Monday they’re again partnering to build a 447-unit apartment building called Midtown 6 with ground-floor retail on the 3100 block of Northeast First Avenue. Magellan and Midtown hope to break ground on the 32-story project sometime next year, according to the announcement.

Midtown 6’s history dates back to the previous real estate cycle when Magellan and Midtown Development wanted to build a 398-unit condo tower on a 2.14-acre patch of vacant land down the street from the Midtown 4 condominium. After terminating their declaration of condominium in September, news about the project’s fate became hard to come by. The vacant land is at times used for Art Miami and Art Wynwood exhibit tents.

Meanwhile, the two have made serious headway on their 400-unit Midtown 5 rental project at 3201 Northeast First Avenue, which broke ground last June and has since topped off at 26 stories.

Midtown Miami is seeing a wave of new rental developments: besides Midtown 5, Wharton Equity Partners and Mack Real Estate Group topped off their 195-unit District 36 rental building. AMLI Residential, one of South Florida’s largest apartment developers, also recently bought a 6.6-acre site at 3010 Northeast First Avenue where it has approvals to build 700 rental units. – Sean Stewart-Muniz


Related Articles

arrow_forward_ios
PMG's Ryan Shear and 2431 Northwest Second Avenue

PMG and partner pay $46M for site of planned Wynwood mixed-use development

PMG and partner pay $46M for site of planned Wynwood mixed-use development
This is how many new condos are left to sell in Miami

This is how many new condos are left to sell in Miami

This is how many new condos are left to sell in Miami
The Real Deal and UMiami present first-ever Shark Tank real estate challenge

The Real Deal and UMiami present
first-ever Shark Tank real estate challenge

The Real Deal and UMiami present
first-ever Shark Tank real estate challenge
Notre-Dame fire calls attention to other historic properties that could be in jeopardy

Notre-Dame fire calls attention to other historic properties that could be in jeopardy

Notre-Dame fire calls attention to other historic properties that could be in jeopardy
French billionaires Arnault and Pinault pledge 300M euros to rebuild Notre-Dame

French billionaires Arnault and Pinault pledge 300M euros to rebuild Notre-Dame

French billionaires Arnault and Pinault pledge 300M euros to rebuild Notre-Dame
Royal Caribbean plans $300M office development at PortMiami

Royal Caribbean plans $300M office development at PortMiami

Royal Caribbean plans $300M office development at PortMiami
New Opportunity Zone funds seek to ensure investments help distressed areas

New Opportunity Zone funds seek to ensure investments help distressed areas

New Opportunity Zone funds seek to ensure investments help distressed areas
Ben Carson says HUD will give preference to developers who build affordable housing in Opportunity Zones

Ben Carson says HUD will give preference to developers who build affordable housing in Opportunity Zones

Ben Carson says HUD will give preference to developers who build affordable housing in Opportunity Zones
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...