Midtown Miami will soon welcome its first all-rental building, Midtown Five.
Magellan Development Group has opened its preleasing center for the 400-unit luxury apartment building with a planned opening in January, national marketing director Jim Losik told The Real Deal.
Originally slated to be a condo tower with a different developer, Midtown Five is the first for Magellan in South Florida, and the Chicago-based developer plans to build at least two more apartment towers in Midtown Miami. Magellan just opened its preleasing center with a model kitchen and bathroom steps away from the building at 125 Northeast 32nd Street.
Rents will range from $1,544 for a studio to $5,323 for a three-bedroom, two-bath. On a per-square-foot basis, units are asking about $2.80 to $3.50 a month. Here’s a breakdown:
|Type||Size||Monthly rents||Rents per square foot|
|Studio||538 to 632||$1,544 to $1,951||$2.87 to $3|
|Convertible||689||$1,930 to $2,119||$2.80 to $3.07|
|1 bedroom with 1 bath||754 to 813||$2,149 to $2,616||$2.85 to $3.22|
|1 bedroom with 1.5 baths||768 to 808||$2,412 to $2,704||$3.14 to $3.35|
|2 bedrooms with 2 baths||1,029 to 1,331||$2,665 to $3,613||$2.60 to $2.71|
|3 bedrooms with 2 baths||1,374 to 1,501||$4,809 to $5,323||$3.50|
Magellan is targeting millennials and professional couples who aspire to the Midtown lifestyle, Losik said. He said it’s difficult to compare Midtown Five’s asking rents to other units in the 55-acre community because of the shadow market of condos.
Those condo buildings, built in the early 2000s, have finishes that are worn, older and “a bit outdated,” Losik said.
Midtown Five’s units will have floor-to-ceiling windows, stainless steel appliances, quartz countertops, modern cabinets and high-end fixtures. The apartments will also have keyless entry and smart-home features, according to a press release.
Shared amenities, meanwhile, will include a 2,750-square-foot fitness center, a yoga lawn and meditation garden, a children’s play area, electric car charging stations, dog run and pet spa, pool deck with cabanas, and a business center. The project will also have ground floor retail space. Tenants have not yet been announced.
Magellan broke ground on the 26-story tower in January 2015 and financed construction with an $80 million construction loan.
The developer has more in the pipeline for the neighborhood, which is anchored by the Shops at Midtown. Midtown 6 and Midtown 7 are both in the planning stages.
More renderings of Midtown Five: