More than 1,200 New Luxury Apartments Coming to Midtown MiamiSeptember 20, 2016
The Midtown Miami area has been flooded with luxury apartments and many more are coming very soon. Magellan Development has put together plans for what they are calling Midtown 7. This building will add another 391 units to the Midtown area.
Magellan has also put plans together for Midtown 6 and Midtown 5, which add a total of 847 units to the area. With all three put together, the area will see about 1,238 new luxury units. Approval for Midtown 6 and 7 is expected to come later in September as the plans go in front of the Urban Development Review Board.
The plans for Midtown 6 include 447 total units, 39,718 square feet of retail space and 601 parking spaces. Midtown 7 is similar, but a bit smaller with plans for 391 units, 30,709 square feet of retail space and 505 parking spaces. BKL Architecture from Chicago is the architect on both projects.
These projects are expected to be approved and ready for construction by the end of the year. They will add many new luxury apartments to the Midtown area, which already has quite a few to choose from.
Downtown Miami Becoming a Hot Spot
Along with the Midtown area, Downtown Miami is becoming a hot spot for luxury apartments, as well. The Melody Tower and Monarc at Met 3 both plan to open this year. Square State is another downtown development and currently under construction. It’s expected to add 700 new apartments to the market.
Monarc at Met 3 will offers studio and 1-3 bedroom units with plenty of luxury amenities. The Melody Tower stands 38 stories tall and provides close to 500 units. It’s not quite as luxurious and the rental rates are a bit more affordable. However, the location is very desirable found close to the Adrienne Arsht Center and the Knight Concert Hall.
The luxury apartment market has exploded this year with about 13,000 total units expected to be delivered before the close of 2016. While these are all apartments, it’s also a positive sign for buyers, just as it is for renters. There are still plenty of condos planned in South Florida, but the luxury apartment market is hot right now.
Overall, Miami ranks 8th on the national list for the number of new rental units coming to the city this year. Midtown and the Downtown Miami areas are the hottest areas in the city for luxury rentals and more developments are expected over the next few months.
The huge influx of new people to the area, starting in Brickell and working north towards Midtown does bring up some concerns. Some are concerned about the public transportation and plumbing infrastructure of the city and whether it can support such growth.