Prolific Miami-based real estate development firm EDEN Multifamily has partnered with multifamily developer and investor The Dermot Company to bring a Class-A, luxury rental residential tower to downtown Miami’s Park West District 11. EDEN and Dermot plan to develop a 44-story, 430-unit high-rise designed by the award-winning architect Kobi Karp in one of the hottest residential and entertainment neighborhoods in the world. 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 and just northwest of the Miami Worldcenter mixed-use $4 billion mega project. 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 who leads EDEN multifamily with Jay Massirman. “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.
Renderings via Kobi Karp Architecture & Interior Design and EDEN Multifamily