Magellan Development Group Sells The LEED Certified Midtown Five Multifamily For $154.35 Million

The Chicago-based Magellan Development Group has sold the Midtown Five multifamily asset that they developed in Midtown Miami for $154.35 million, roughly $358,875 per unit. The buyer was an entity tied to the New York-based Sterling Equities, led by the Wilpon and Katz families. The LEED-certified Midtown Five broke ground in 2015 and was completed in 2017. The multifamily building features 400 apartment units on a 1.6-acre site. Units range from studio to three-bedroom floor plans and 540 to 1,500 square feet with pricing starting from $1,953 per month for a studio. In total Midtown Five features 701,056 of total development spread over 24-stories. Amenities include a pool, spa, fitness center, yoga lawn, meditation garden, dog run, business center, and game room. Magellan Development Group acquired the site in 2014 for $14 million.

Miami Heat Star Udonis Haslem And Magellan Housing Score Approval To Build Wynwood Works On City Owned Land

A partnership between Haslem Housing Ventures, led by Miami Heat star Udonis Haslem, and the Coral Gables-based Magellan Housing, have received approval from Miami’s Omni Community Redevelopment Agency (CRA) to build Wynwood Works, a 12-story mixed-use apartment project in Wynwood. Wynwood Works will be built on city owned land at 2035 North Miami Avenue.

The development partnership will receive a land grant from the CRA valued at $6.5 million at no charge and a contribution of $9.9 million cash grant in exchange for 50 years of income restrictions on the apartments. The total project costs are estimated at $39.9 million and with the grands provided by the CRA the development partnership will not need to seek Low-Income Housing Tax Credits (LIHTC). In 2018 the Omni CRA committed $100 million to the development of affordable housing. The development partnership will restrict 10% of the units to those earning up to 30% of the area median income (AMI), an additional 10% of units to those earning up to 50% of AMI, another 10% to those earning up to 80% of AMI, 25% up to 120% of AMI and the remaining 45% for those earning up to 140% of AMI. The partnership will also share 45% of the annual rental income from the ground-floor retail.

Wynwood Works will rise 12-stories and will feature 104-units of mixed-income apartments on a 20,238 square foot site. The project is designed by MC+G Architecture and will feature a mural designed in partnership with the Miami Light Project and Bakehouse Art Complex. Wynwood Works will also feature 6,711 square feet of ground-floor retail, 102 parking spaces and a sixth-floor amenity deck which features a fitness room, co-working space, a community room and a garden. Apartments will range from 405 square foot studios to 1,150 square foot 3-bedroom layouts. The unit mix will be broken down by 42 studios, 43 one-bedroom units, 12 two-bedroom units and 7 three-bedroom units.

Midtown Miami's Most Amenitized Luxury Apartment Tower, Gio Midtown, Receives TCO

Gio Midtown has just received its Temporary Certificate of Occupancy (TCO) from Miami-Dade County. The 447-unit and 39-story tower, which was jointly developed by Magellan Development Group and institutional investors advised by J.P. Morgan Asset Management, began to welcome its first residents on April 15. Bozzuto, which leads the project’s leasing and property management, launched leasing in January. Roughly 8% of the building has reportedly been leased so far.

Located in the heart of Midtown Miami, Gio Midtown offers close proximity to the neighborhood’s various restaurants and shops, as well as Miami’s Design District and Wynwood. Residents will also be given exclusive perks at local businesses, including Tap42 and Barry’s, and will be able to enjoy a plethora of amenities located inside the building.

The 5th floor offers a sprawling pool deck, along with a 25-yard lap pool, cabanas, grilling stations, and an outdoor whirlpool spa. Those wishing to workout can visit the outdoor CrossFit station and basketball court, or head indoors to the 4,471 square-foot fitness club to partake in group classes like yoga, Bootcamp, and Zumba. The spa, sauna, and steam rooms provide a calming space to unwind and relax, as does the Himalayan salt room with its salt floor and rocks which boast restorative properties to improve breathing and skin. 

Residents with pets will also be able to pamper their pets and host playdates in the Dog Lounge and at the spa with on-site groomers. Family-friendly amenity spaces include a designated indoor area ideal for kids’ parties, a private outdoor playground, a game room, and a family lounge. 

Gio Midtown’s floor plans include studios, one-, two-, and three-bedroom residences that range from 386 to 1,919 square feet. Studios start at about $1,58, one-bedroom at $1,775, two-bedroom at $2,775, and a three-bedroom at $3,790. Units’ luxury finishes include ceramic tile backsplashes, quartz countertops, keyless entry, and sprawling terraces.

Designed by bKL Architecture LLC, the project’s exterior features geometric and angled balconies serve as an ode to Italian modernist architecture and mid-century modern design. Fanny Haim & Associates created the property’s common areas with a soothing color palette, unique millwork, and pops of brushed gold.

“We understand that these are challenging times for all, and we hope that Gio Midtown will serve as a sanctuary for our first residents,” said Brian Gordon, executive vice president of Magellan Development Group. “There has been a tremendous amount of support and positivity amongst our team and we appreciate everyone who has played a pivotal role leading up to this milestone. We are optimistic that Gio Midtown will set a new standard for multifamily living in South Florida.” 

Gio Midtown was built and designed to LEED Silver sustainability standards and offers a bike workshop and wash station, as well as electric car chargers. It expects to receive its LEED certification in about a year. 

By Isabella Zimmermann