Multifamily giant Aimco filed plans for a 60-story waterfront rental tower in Miami’s Edgewater neighborhood, across the street from its Hamilton on the Bay apartment building.
The Denver-based real estate investment trust is proposing a 241-unit mixed-use apartment tower at 555, 560, 600, 610, 620, 630, and 640 Northeast 34th Street, according to plans submitted to Miami-Dade County. The development, on more than an acre of land, would also include a roughly 4,700-square-foot commercial space for a restaurant on the ground floor and a new parking garage.
Aimco acquired the Hamilton, a 28-story, 271-unit bayfront building on the north side of 34th Street in 2020. Less than a year after buying the property from the Arison family, the publicly traded firm, led by CEO Wes Powell, made headlines when it canceled the leases of its tenants during a gut renovation of the building.
Aimco plans to invest more than $200 million into the development of the new tower across the street. The next step is likely to go before the city of Miami’s Urban Development Review Board for approval in June.
This year, Aimco partnered with Brooklyn real estate firm Beitel Group on a planned development farther west on the same block. Beitel paid $45 million for the assemblage at 3333 Biscayne Boulevard, two months after Denver-based Aimco’s $1.7 million purchase of 440 Northeast 34th Street. Together, they plan to build a 1.5 million-square-foot project with more than 600 apartments, retail and office space.
The Beitel properties, the Hamilton and the new development site total 7.9 acres. Aimco, an apartment investment and development firm, owns 5.5 of those acres. It may be assembling land for a Special Area Plan, which requires at least 9 acres.
Apartment and condo developers have flocked to Edgewater in droves. The neighborhood is north of downtown Miami and near Midtown and the Miami Design District.
Two Roads Development recently closed on a $150 million bulk condo purchase of Biscayne 21 at 2121 North Bayshore Drive, where it plans to develop a multi-tower luxury condo project.
In a separate deal, the newly established American arm of Paris-based Groupe City acquired a development site at 423 Northeast 27th Street to build a residential tower, marking the firm’s first project in the U.S.