UPDATED, Jan. 28, 12:25 p.m.: Magellan Development Group launched preleasing for its latest Midtown Miami apartment building, adding nearly 450 rentals to the market, The Real Deal has learned.
Chicago-based Magellan, investor Alex Vadia and J.P. Morgan Asset Management are completing construction of Gio Midtown, previously known as Midtown 6, at 3101 Northeast First Avenue in Miami. Magellan Executive Vice President Brian Gordon said he expects to receive the building’s temporary certificate of occupancy in mid-February with move-ins as early as mid-March.
Gio Midtown, a 32-story, 447-unit building, will have units ranging from 386 square feet to 1,919 square feet.
The project is one of a few apartment buildings under construction in the Midtown area. Around the corner, AMLI, another Chicago-based developer, is building AMLI Midtown Miami, a 719-unit complex at 3000 Northeast Second Avenue.
Gordon said that Gio Midtown will be offering a free month of rent, which is in line with the market. Rents will start at about $1,585 a month for a studio apartment. A one-bedroom starts at $1,775 a month, a two-bedroom at $2,775 a month, and a three-bedroom starts at $3,790 a month.
Bozzuto is managing the property.
Apartment rents continued to rise in South Florida last year, according to a recent report from Berkadia. Rents are predicted to continue rising, said Jaret Turkell, Berkadia’s senior managing director of investment sales. “I think rents are going to continue going up, and there will be some levering and flatness where there’s a lot of supply,” he said.
Gio Midtown’s apartments feature quartz countertops, kitchen islands, keyless entry, blackout shades and large terraces. The tower features a 4,741-square-foot fitness center, spa, meditation room, dog lounge, pool deck and electric car chargers.
The building was designed by bKL Architecture LLC with interiors by Fanny Haim & Associates.
Vadia, whose family owned multiple sites in the Midtown area, sold the 2.14-acre development site to a partnership between his company and Magellan in 2017 for nearly $28 million.
Magellan completed Midtown Five about three years ago, and Gordon said the 400-unit apartment building is now 95 percent leased.
Vadia also owns the site of Midtown 7, which can be developed into a 32-story with 838 units. Magellan would partner with Vadia’s company to develop the property. The timing of that project depends on when the developers can secure financing.
“We’re out looking for financing now,” Gordon said. “Obviously the concern is all the supply coming online.”