LCOR Plans Rental Tower on Border of Miami’s Edgewater
A year after scooping up a development site on the border of Miami’s Edgewater and Arts & Entertainment District, LCOR filed plans for a 544-unit apartment tower.
LCOR wants to build a 42-story tower with 10,000 square feet of ground-floor retail, 50,000 square feet of amenities and a 628-space garage at 1775 Biscayne Boulevard, according to an LCOR news release. The project will mark the firm’s first South Florida development.
Designed by ODP Architects, with interiors by Karen Asprea Studio, the project would consist of studios and one- to three-bedroom apartments, according to the release.
LCOR bought the 1.1-acre vacant development site for $49 million last year, records show.
Next, the Miami Urban Development Review Board, which issues recommendations in favor or against a project based on a development’s compatibility with an area, will vote on LCOR’s application. The UDRB’s next meeting is on Sept. 11, though it’s unclear whether the board will consider the project then or at a later meeting.
Construction is expected to start in the second quarter, the release says.
Led by CEO Anthony Barsanti, LCOR develops and manages mixed-use real estate in urban cores across the Eastern Seaboard, according to its website. It has offices in Bethesda, Maryland; Chesterbrook, Pennsylvania; and New York. Anthony Tortora is SVP and principal at LCOR.
LCOR’s project partners include the California State Teachers’ Retirement System, PGIM, Ares Management and Blackrock, its website says.
Although the Miami project is LCOR’s first development in South Florida, the firm has been investing in the region, the firm previously told The Real Deal.
Its plan for an apartment tower comes as many developers are pausing multifamily projects because of expensive construction financing. The Federal Reserve’s aggressive interest rate hikes since the spring of last year have prompted some developers to instead seek equity partners or more favorable loan terms from insurance firms.
While Miami’s Arts & Entertainment District has been somewhat devoid of development site sales this year, Edgewater has experienced some activity. In June, the Pérez family’s Related Group and Alex Karakhanian dropped $12.1 million for the 0.4-acre site at 519, 525 and 535 Northeast 29th Street, according to records.
Ram Realty is among the developers pursuing construction despite high interest rates. This month, the firm scored an $80.6 million construction loan for a 353-unit apartment complex in south Miami-Dade County, near Zoo Miami. U.S. Bank, as administrative agent for a group of financiers, provided the financing.
