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Oak Row expands footprint into downtown Miami with planned multifamily project
New York-and-Miami-based firm is proposing a 700k sf building with 500 apartments
Oak Row Equities is expanding its development pipeline with plans for a multifamily project in downtown Miami.
The New York-and-Miami-based firm is proposing First & Fifth, a 700,000-square-foot building with 500 apartments at 49 Northwest Fifth Street and 50 Northwest 6th Street, according to a press release.
In an off-market transaction, Oak Row paid $38.5 million for the 0.8-acre development site adjacent to the Brightline MiamiCentral Station.
A Colliers team led by Mika Mattingly and Cecilia Estevez, along with Vincent Pastore with Pastore and Associates, handled the deal.
The seller, an entity managed by Miami-based real estate investors Daniel Arias, Maria Arias and Valeria Arias-Ferro, acquired the two properties for $690,000 in 1994, records show.
Designed by Hollywood-based architecture firm ODP, First & Fifth would preserve the facade of an existing three-story former Salvation Army building completed in 1925 as part of the new tower’s design.
An Oak Row spokesperson said First & Fifth will be 45-stories tall, but declined to comment about the apartment mix and what the average asking rents will be.
Led by managing partners Erik Rutter and David Weitz, Oak Row currently has more than 4 million square feet of projects totalling $1.6 billion under development in South Florida, according to the release.
In March, the firm landed a $181 million construction loan for a 41-story tower with 399 luxury apartments and 187,000 square feet of commercial space at 2600 Biscayne Boulevard
In 2022, Oak Row paid $35 million for the site in Miami’s Edgewater neighborhood, where the firm is co-developing another multifamily project with Alex Karakhanian’s Lndmrk Development. The joint venture is planning a 38-story, 324-unit apartment tower on the northeast corner of Northeast 29th Street and Northeast Fourth Avenue.
In Wynwood, Oak Row partnered with L&L Holding Company to develop The Wynwood Plaza, a 1 million-square-foot mixed-use project that is currently under construction.