National investment, development, and asset management firm PMG, and Sentral, the rapidly expanding prop-tech company creating the world’s largest flexible living community, have announced a partnership to develop a two-phase, 803-unit multifamily community with more than 15,000 square feet of retail space in the heart of Miami’s Brickell neighborhood. The acquisition of the site at 130 SW 8th St. will mark Sentral and PMG’s first partnership, as well as Sentral’s first purpose-built development as part of the brand’s national expansion. Phase one includes a 46-story tower with 570 units and will break ground in late 2022, with completion slated in late 2024. Phase two will include a 31-story tower with 233 units.
“At PMG, we pride ourselves on being at the forefront of innovative multifamily development, so our vision for this property naturally aligned with Sentral’s unique model of flexible living. We are confident this development will be a great addition to the neighborhood by providing a range of high-quality residences and short-term accommodations,” said Ryan Shear, Managing Partner at PMG. “As Miami’s financial district, Brickell is one of the city’s most desirable destinations and one in which we’ve had success developing previously. We are excited to partner with Sentral to bring a fresh perspective on residential living to the area and offer future residents a walkable environment in the center of it all.”
Designed by acclaimed Sieger Suarez Architects, in collaboration with the team at Sentral, the property will include an expansive lobby lounge with concierge, state-of-the-art fitness center, multiple co-working spaces, pool decks on both the 13th and 31st floors, more than 15,000 square feet of retail space and a parking garage. The property will be managed by Sentral and will offer their distinctive style of residential living for any length of stay.
“With the success of our Sentral Wynwood community, we wanted to expand our Miami footprint and bring the Sentral brand to the vibrant Brickell neighborhood,” said Jon Slavet, Chief Executive Officer at Sentral. “We’re excited to partner with PMG on this project, as they are one of the nation’s top developers and have a deep understanding of and affinity for the South Florida market. We look forward to collaborating with PMG on this new development and to expanding our innovative, flexible living concept to the Brickell neighborhood.”
Saul Ewing Arnstein & Lehr attorneys Luis Flores and Sophia Rub represented the venture in closing the acquisition of the property.
“This transaction speaks to the strength of the PMG-Sentral partnership in acquiring prime real estate in one of the most sought-after housing markets in the U.S.,” said Luis Flores, who previously represented PMG in acquiring a Brickell site now home to Echo Brickell. “The development of this project will help address the growing demand for housing in the Brickell area, which is seeing an unprecedented influx of companies and residents relocating from all over the world.”
PMG and Sentral are aligned in leading the next generation of multifamily development to cater to the current and future standards of flexible living. Both companies are quickly expanding their portfolios nationally with the goal of redefining community-centric living with expertly designed residences, lavish amenities and activated shared spaces. For more information, please visit propertymg.com and sentral.com.