MDM and ZOM finish their Met 3 tower in downtown Miami

Miami /
Jun.June 16, 2016 02:15 PM

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


Related Articles

arrow_forward_ios
Harvey Hernandez and a rendering of his Brickell project
Harvey Hernandez plans three-tower project on riverfront Brickell site
Harvey Hernandez plans three-tower project on riverfront Brickell site
Infinity project (Kobi Karp)
GPI Real Estate wins $6M settlement over failed Sunny Isles Beach project
GPI Real Estate wins $6M settlement over failed Sunny Isles Beach project
Judge Michael Hanzman and the site at 8777 Collins Avenue (Miami-Dade Circuit Court, Getty)
Judge overseeing Surfside collapse litigation chastises town over proposed downzoning
Judge overseeing Surfside collapse litigation chastises town over proposed downzoning
Sweetwater affordable senior rental project scores $33M construction loan
Sweetwater affordable senior rental project scores $33M construction loan
Sweetwater affordable senior rental project scores $33M construction loan
Renderings of 1625 Ocean. (U.S. Construction)
US Construction scores $45M construction loan for Delray Beach condos
US Construction scores $45M construction loan for Delray Beach condos
Davie student housing complex scores $62M refi, construction loan
Davie student housing complex scores $62M refi, construction loan
Davie student housing complex scores $62M refi, construction loan
Alina Residences in Boca Raton (Alina Residences)
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
Nathan Reiber was the developer for Champlain Towers South in Surfside (Getty, Levitt-Weinstein Obituary)
Surfside condo developer faced legal trouble in Canada, found clean slate in South Florida
Surfside condo developer faced legal trouble in Canada, found clean slate in South Florida
arrow_forward_ios

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

Loading...