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Oak Row Secures Major Funding for New Miami Development
In a significant development within South Florida’s real estate sector, Oak Row Equities has secured a $210.5 million construction loan to build a new multifamily tower in Edgewater, Miami. Dubbed 2900 Terrace, this ambitious project will consist of 324 residential units housed within a 38-story structure located at the intersection of Northeast 29th Street and Northeast Fourth Avenue. This financing, received amid a flurry of construction activity in the region, illustrates the resilient demand for housing despite recent economic challenges.
A Pioneering Project Amidst Market Fluctuations
Partnering with Alex Karakhanian’s Lndmrk Development, Oak Row is taking bold steps to address the ongoing housing demand. The project is particularly notable given the backdrop of rising interest rates and a slowdown in apartment lease-ups. In fact, South Florida witnessed a record completion of 18,600 apartment units last year, contrasted with just 15,000 net new leases according to CoStar Group, leading to increased concessions by landlords as they navigate this competitive market.
Exciting Features and Community Impact
Designed by Arquitectonica, 2900 Terrace will feature a blend of one- to three-bedroom units, complemented by over 500 parking spaces. Among its highlights are a south-facing sundeck, a swimming pool, co-working spaces, and two padel courts, all aimed at enriching the residents’ lifestyle and catering to the modern urban dweller's needs. Completion is projected for the fourth quarter of 2027, promising a fresh living option for the community in a rapidly evolving neighborhood.
Future Prospects for South Florida Housing
The construction of 2900 Terrace is just one of several projects by Oak Row, which aims to expand its footprint in South Florida. With a diverse portfolio that includes the 1 million-square-foot Wynwood Plaza, along with other significant developments, Oak Row is actively working to alleviate the housing shortage in the area. As the market adjusts and demand rises, this new tower could set a precedent for future urban developments in Miami.
With developers navigating challenges and new opportunities emerging, Oak Row's commitment to enhancing Miami's skyline promises to add vibrancy and modern living solutions to the community. Interested Florida homeowners can keep an eye on these developments as they unfold.
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