The addition of the Excel Miami Apartments, which just obtained a substantial $95 million in development finance, is another example of how downtown Miami is changing. According to Multi-Housing News, Sunrise Realty Trust contributed $13 million to a $26 million subordinate loan, and Clearline Real Estate, the developer of this multifamily tower project, received a $68.5 million senior construction loan from Centennial Bank.
The 24-story Excel Miami Apartments, which will house 427 residential units and be located in the highly sought-after Arts & Entertainment District, will offer much-needed housing with first-rate amenities. It will be ideally situated to satisfy the needs of a diverse workforce and residents who value accessibility to important areas like Wynwood, Midtown, Downtown Miami, and Brickell. “This district is rapidly gaining popularity due to its connection to neighboring districts like Wynwood and Brickell, and the region is already showing a competitive rental market with an occupancy rate of 96.6 percent, which ties Miami with Suburban Chicago as the most competitive rental market in a recent RentCafe study,” Jay Brito, senior vice president at Centennial Bank involved in the financing, told Multi-Housing News.
According to The Next Miami, the building at 1550 NE Miami Place, which was designed by renowned firm Arquitectonica, intends to mix in seamlessly with Miami’s urban fabric. It has 13 luxury townhouse loft units in addition to studio flats, two-bedroom homes, and other units. With features including a pool, yoga deck, health center, office area, movie theater, and podcast suites for creative and professional pursuits, its amenities aim to provide a luxurious living experience.
The Atlis Grand Kendall, a 324-unit luxury building that reflects the city’s desire for upscale living quarters, recently opened in Miami’s Kendall neighborhood, adding to the city’s vibrant skyline despite the difficulties faced by real estate developers. Clearline Real Estate appears to be pushing forward with its project already under construction. Additionally, the Excel Miami Apartments’ amenities list, which was also covered by SFBJ News, highlights the building’s great location for residents seeking connectivity and convenience due to its proximity to the Miami International Airport and other important city attractions.
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