Oak Row Equities, a vertically integrated private equity and real estate development company with over 4 million square feet of development in South Florida totaling $1.6 billion, has announced the acquisition of 49 NW 5th Street in Downtown Miami as well have introduced a new ODP Architects-designed luxury multifamily tower dubbed ‘First & Fifth’, set to rise 45-stories on the site which is located across from MiamiCentral Station – the hub of all four major train systems in South Florida.
Oak Row Equities purchased the $38.5 million site off-market and structured attractive seller financing supported by in-place income at a time of limited land acquisitions in the market. The location for First & Fifth features a rare perfect transit score of 100. Globally esteemed architecture firm ODP is designing a spectacular tower to pay homage to Miami’s turn-of-the-century Venetian architecture while offering an extensive package of modern amenities for renters. Colliers Executive Managing Director Mika Mattingly and Senior Associate Cecilia Estevez of the South Florida Urban Core Team & Vincent Pastore of Pastore and Associates represented the seller in the transaction.
"First & Fifth exemplifies our thesis that the ability to live, work, and play within a short walk or train ride will become critical to a renter's decision process in South Florida," said Erik Rutter, Managing Partner at Oak Row Equities. "We are proud of our partnership with the City of Miami and the diligence of our team in structuring this deal while navigating historic preservation and zoning requirements."
"This Downtown acquisition is a culmination of conviction, persistence, collaboration, and vision," says David Weitz, Managing Partner at Oak Row Equities. "We couldn't be more excited to continue planning this landmark transit-oriented development. We are eager to present First & Fifth to the capital markets and future tenants."
First & Fifth is a 700,000 gross SF development with 500 luxurious multifamily units featuring top-of-the-line finishes, stunning views, a robust amenity package, and unparalleled transit access. The new structure features statement-making arches that embrace the past and seamlessly blend with the project's historical portion, drawing inspiration from the Doge Palace in Venice. ODP Architecture and Design created bright, airy spaces throughout the building, offering a multitude of uses and open views of the city.
First & Fifth is located catty-corner from the entrance to MiamiCentral Station – the cornerstone of Brightline's $5 billion investment in Florida. MiamiCentral is the connecting point for the Brightline, Metrorail, Tri-Rail, and the Metromover. The site is squarely within Downtown's growth path – steps from MiamiCentral's new office buildings, Miami Dade College’s Wolfson Campus, the federal courthouse, Miami Worldcenter’s restaurant and retail amenities, and the Miami Heat's arena.
Transit-oriented developments are critical to ORE's long-term thesis, evident across its active portfolio. The Oasis, Wynwood Plaza, 2600 Biscayne Boulevard, and 2900 Terrace are all located less than a 5-minute walk from a planned Northeast Corridor rail station, providing connectivity locally throughout Miami and regionally to Fort Lauderdale, Boca, West Palm Beach, and Orlando via the Brightline.
