Morgan to start construction of luxury high rise in Miami in second quarter of this year

21 March 2016 (Last Updated March 21st, 2016 18:30)

Property developer Morgan along with Mesirow Financial is planning to start construction of a mixed-used luxury apartment high rise called Pearl Midtown 29 in Miami, US, during the second quarter of this year.

Property developer Morgan along with Mesirow Financial is planning to start construction of a mixed-used luxury apartment high rise called Pearl Midtown 29 in Miami, US, during the second quarter of this year.

Scheduled to be completed by the first half of 2018, the 20-storey tower will accommodate 309 units.

The deal has been arranged by Holliday Fenoglio Fowler. Wells Fargo will finance construction of the project.

To be located at 180 NE 29th Street at the intersection of NE 29th Street and NE 2nd Avenue, the project site is surrounded by several Miami neighbourhoods.

These include Midtown, Design district and Wynwood Arts district with easy access to major streets leading to downtown Miami, Brickell and Miami Beach.

The new apartment is situated at the entrance to The Shops at Midtown, which is a 645,000f² lifestyle centre. On completion, Pearl Midtown 29 will include more than 12,000ft² area of retail space on the ground floor and an adjoining six-level parking area.

"Pearl Midtown 29 will benefit from its front door being located at Midtown's southern gate on 29th Street."

The building's luxury residential units will have several studios as well as one, two and three bedrooms, with average area of 839ft².

The seventh floor amenity deck will feature a resort-style swimming pool and spa with private cabanas, an outdoor bar, grilling stations and fire pit, as well as a fitness centre fitted with a yoga and spinning studio.

Morgan development regional vice-president Evan Schlecker said: "Pearl Midtown 29 will benefit from its front door being located at Midtown's southern gate on 29th Street, which is a major east-west artery connecting Biscayne Blvd with Midtown and Wynwood.

"Besides affording quick access to the area's highly desired retail and dining outlets, Midtown 29 will support a walkable, urban lifestyle and feature breathtaking water views of Biscayne Bay from most units and the amenity deck."

Since 1990, the company has developed 3,500 multi-family units in Florida and sold six properties in the state, with a total of 2,248 units and nearly 1,500 units still in its Florida portfolio.

In addition, Morgan is planning to open 412-unit Pearl Dadeland in Miami this year.