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AMLI Residential bets $31M on another Midtown Miami development site
For the second time in six years, multifamily developer closes a deal with Alex Vadia’s Midtown Development
With one apartment building at Midtown Miami under its belt, AMLI Residential is planning another major multifamily project in the neighborhood.
An affiliate of the Chicago-based luxury apartment developer bought a 1.84-acre site at 3001 Northeast First Avenue for $30.5 million, records show. The seller is Midtown Development, headed by Midtown Miami master developer Alex Vadia. The company paid $5.4 million for the site in 2011.
Robert Given with Cushman & Wakefield represented Midtown Development.
AMLI, led by Chairman and CEO Gregory Mutz, can build a project of up to 451,469 square feet and 389 apartments, according to an assignment of development rights. Once the project is completed, AMLI would transfer 28,000 square feet of leasable retail space to Midtown Development. It has the right of first refusal to buy it if Vadia’s firm decides to sell it.
The proposed project would be about a half a block from AMLI Midtown Miami, a gargantuan 719-unit apartment complex at 3000 Northeast Second Avenue that opened last year. In 2015, AMLI paid Midtown Development $55 million for the 6.6-acre site.
Monthly rents range from $2,040 to $6,884 for studios to three-bedroom units, according to Apartments.com
AMLI Residential is among several developers building new apartment projects in Midtown Miami, Wynwood and Edgewater, at a time when South Florida’s multifamily market is experiencing record demand and rising rents due to the state’s population growth. Kushner Companies and PTM Partners are developing a three-tower, 1,300-unit phased project at 2000 Biscayne Boulevard.
Rilea Group, led by owner and CEO Alan Ojeda and President Diego Ojeda, bought a development site at 56 Northeast 29th Street in June for $22 million. The company plans to build a 225-unit, 12-story multifamily building called Mohawk at Wynwood. And Wood Partners is developing Yard 8, a 387-unit apartment complex at 2901 Northeast First Avenue.
Vadia remains active in Midtown Miami with other projects. His company recently partnered with The Standard hotel group and Rosso Development, led by Carlos Rosso, to build a 12-story, 225-unit branded condo project designed by Arquitectonica and Urban Robot. Midtown Development is also seeking approval from the city of Miami to increase the height of a proposed mixed-use tower site at 3501 Northeast First Avenue.