Neology Group, Lion Development Group and the Rubell family are partnering to launch a multiphase, art-focused residential development in Miami’s Allapattah neighborhood.
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The joint venture is starting with a 21-story apartment tower on a vacant site a block from the Rubell Museum, a nonprofit art museum owned and operated by the Rubell family. It will be the first of a three-phase project, according to a release.
"Aspirational luxury living is not just about design; it is about experience and belonging," Neology Group founder and CEO Lissette Calderon said in a statement. "Through this development, we are creating a residential lifestyle where urbanites can live close to world-class cultural institutions while staying rooted in the city they love."
The unnamed residential project will feature 330 units and 10K SF of ground-floor retail at 1000 NW 23rd St. Construction is expected to finish in 2029.
An entity tracing to Rubell Museum co-founder Jason Rubell, who owns and operates art museums in Miami and Washington, D.C., purchased the lot for $5M in 2021, according to public records.
The Rubell Museum, a 100K SF campus with 33 galleries spanning six former industrial warehouses at 1100 NW 23rd St., displays pieces from artists such as Sylvia Snowden, Joanna Van Son and Seung Ah Paik.
"This three-phased mixed-use development represents the natural evolution of that vision,” Rubell said in a statement. “By partnering with Neology Group and Lion Development Group to bring thoughtful residential development to the neighborhood, we're creating a true arts district where people can live, work, and connect with world-class contemporary art on a daily basis.”
The developers plan to announce the details of the following two phases next year.
Neology, which has built and sold more than 2,000 luxury condos and has a pipeline of more than 4,500 additional workforce housing units, is no stranger to Allapattah.
The firm, led by Calderon, has delivered the 192-unit No. 17 Residences, the 323-unit The Julia Residences and the 237-unit Fourteen Main Street Residences in the Miami neighborhood, according to its website.
The multifamily development comes amid an oversupply cliff and softening rents, which have spooked potential investors. While it is still one of the most expensive markets in the country, Miami rents have decreased 6% over the past year, according to a Zumper report.
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