CIM/Falcone Partner Up For Two Tower Downtown Apartments
The All Aboard Florida project is about to get a towering neighbor filled with apartments. A JV of CIM Group and Falcone Group broke ground on Seventh Street Apartments, a 450-unit for-rent multifamily tower with street-level retail at "Block G" of the massive Miami WorldCenter project. It's the first phase of a planned two-tower project by the duo that will include a second 413-apartment facility at the site. In an area that has seen one condo tower after another rise up, multifamily rentals are an interesting gambit, especially given it will be two years before Seventh Street delivers. Amenities will include a fitness center, a covered garage and a pool deck overlooking the skyline.
While rents all over South Florida have increased 2.1% to $1,300/month, Downtown Miami/South Beach saw rents actually decline by nearly 3% to under $1,800/month, which could suggest that monthly rents are plateauing in the area, according to a recent Marcus & Millichap report. And under the perception that Miamians want to live Downtown, developers are delivering, with some 6,300 new units expected to hit the market this year, a 150% jump from last year, capped by Monarc at Met3 (here), a 462-unit project in Downtown Miami.