PMG, partners plan 44-story Airbnb condo tower near E11even Miami
Unit prices at 659-unit tower will range from mid-$300K to $1.2M
PMG, Lion Development Group and Marc Roberts Companies plan an Airbnb condo tower in downtown Miami, adding to the developers’ projects in the area.
West Eleventh Residences, a 44-story, 659-unit short-term rental friendly project, is planned for the site at 18 Northwest 11th Street. Sales of the units are expected to launch next week. They’ll range from the mid-$300,000s to $1.2 million, according to a spokesperson. PMG will handle sales in-house. The units, which will either be studios or one-bedroom condos, will be delivered furnished.
Buyers will be able to rent their units out daily without restrictions, through a centralized Airbnb management platform. Unlike most projects with short-term rental flexibility, the developers will allow for units to be rented out 365 days a year, according to a press release.
Short-term rental-friendly condo projects have proliferated in Miami, where the number of developments total nearly 6,600 units, with most clustered in Greater Downtown Miami. Last summer, Related Group, ROVR Development and BH Group received a $76 million loan from Madison Realty Capital to build the sold-out District 225 project. The 37-story, 343-unit condo building is under construction at 225 North Miami Avenue.
New York and Miami-based PMG is working with Michael and Ron Simkins’ Lion Development Group, and the Marc Roberts Companies. Simkins and Roberts are also partners in the E11even nightclub, as well as in E11even Partners, which is working with PMG on E11even Hotel & Residences and E11even Residences Beyond, all in the same Park West neighborhood.
West Eleventh Residences is expected to include 30,000 square feet of amenities across three floors, with a resort-style pool, an onsite restaurant, and a ground floor with “experiential” entertainment and a food hall, according to the release.
Sieger Suarez Architects, which PMG works with often, is the architect. Cotofana Designs is designing the residential interiors. The units will have smart home technology.
In addition to the two-tower E11even-branded development nearby, PMG opened The Elser Hotel & Residences, a short-term rental condo building at 398 Northeast Fifth Street, last year. The Elser was previously called Society Biscayne and planned as a co-living apartment tower.
PMG is also developing the Waldorf Astoria Hotel & Residences at 300 Biscayne Boulevard in downtown Miami, along with its partners Greybrook, Mohari Hospitality, S2 Development and Hilton. The 1,049-foot-supertall could be the tallest residential building south of New York City once it’s completed, as early as 2027.