Joint venture to develop 430-unit multifamily tower in the Park West district of Miami
MIAMI, FL – EDEN Multifamily, the prolific South Florida developer, is partnering with multifamily developer and investor The Dermot Company to bring a Class-A, luxury rental residential tower to downtown Miami’s Park West district. EDEN and Dermot plan to develop a 44-story, 430-unit high-rise designed by the award-winning architect Kobi Karp.
This development represents the first partnership between Miami-based EDEN and New York-based Dermot. Construction is expected to begin in 2024.
The project site is located at 1018 N. Miami Ave. – immediately west of E11EVEN Hotel and Residences. Plans call for 8,000 square feet of retail space on the tower’s ground floor. The building will also feature more than 25,000 square feet of indoor and outdoor amenity space, including a luxurious pool, fitness center, health-and-wellness areas, club rooms, coworking spaces and much more. The project will be designed, constructed, and operated to the latest ESG investment principles and standards for commercial real estate for resiliency and environmental certification.
The location, amid the preeminent Miami Park West district, allows for convenient access to the Brightline Train Station, which runs from Miami to West Palm Beach and soon to Orlando. Park West is adjacent to the Miami World Center district, which encompasses an area of approximately 24 acres of high-end residential and commercial development. While condominiums have constituted much of the housing inventory in the area to date, rental options have been limited.
“We are thrilled to team up with a best-in-class national partner like Dermot and help address the intense demand for luxury rentals in Miami’s urban core,” said EDEN Co-Founder Jay Jacobson. “With this project, we aim to set the gold standard for multifamily high-rise quality and design in the downtown area.”
“We are proud to partner with EDEN on this residence that will transform the downtown Miami skyline,” said Dermot CEO Stephen Benjamin. “As we continue to build our portfolio in South Florida, aligning ourselves with such a respected and like-minded developer in the local market was a natural next step for us, and co-founders Jay Jacobson and Jay Massirman have one of the most impeccable records in the business.”
Greenberg Traurig is representing the joint venture in the land-use process. Jordan Karp LLC brokered the pending acquisition of the project site.
The project is scheduled to be presented to the City of Miami’s Urban Development Review Board during its April 19 meeting.
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About EDEN Multifamily
A joint venture formed by real estate industry veterans Jay Massirman and Jay Jacobson, EDEN Multifamily brings more than 70 years of experience and a rich history of identifying and developing successful residential projects. In 2022, EDEN Multifamily entered into a strategic partnership with Sterling Equities. Sterling is a New York-based real estate and media investment company that through the past 70 years has developed and invested in thousands of multifamily units, millions of square feet of commercial and industrial properties as well as sports teams and sports media. EDEN seeks out multifamily development opportunities in neighborhoods that are underserved and overlooked, specializing in boutique infill projects. EDEN Multifamily is currently developing over 1,130 units throughout Central and South Florida. For more information, visit www.edenmultifamily.com.
About The Dermot Company
Formed in 1991 as a real estate investment and management company focused on multi-family sector opportunities, Dermot today is a vertically integrated owner, operator and developer experienced in all facets of the industry. We have the flexibility to manage any type of project, from ground-up development and buy & hold strategies to turnaround situations and adaptive reuse. www.dermotcompany.com
