The Rider Residences breaks ground; Miami sees wallet-to-wallet Bitcoin condo sale

Miami, FL, October 3, 2025

News Summary

The Rider Residences, a 12-story, 146-unit condominium between Midtown Miami and Wynwood, has broken ground after securing a $90 million construction loan from Banco Inbursa arranged by a Franklin Street adviser. The project includes about 11,000 sq ft of retail, furnished studios through penthouses, and extensive amenities such as a rooftop pool, wellness spa and a ‘Toybox’ of vehicles. Developers reported Miami’s first direct wallet-to-wallet Bitcoin residential sale and launched crypto-friendly financing, including crypto-collateralized deposit loans and planned post-construction mortgage products. Beauchamp Construction is the general contractor and design draws on loft-inspired and 1970s retro-modern interiors.

The Rider Residences breaks ground, secures a $90 million loan and completes Miami’s first direct wallet-to-wallet Bitcoin condo sale

A new 12-story condominium project in Miami moved into construction this year after developers closed financing and logged a headline-making cryptocurrency closing. The project, The Rider Residences, is a planned 146-unit building with about 11,000 square feet of ground-floor retail on a 0.6-acre site between Midtown Miami and Wynwood.

Top developments

• $90 million construction loan provided by Mexican bank Banco Inbursa and arranged by a deal lead at Franklin Street.
• Groundbreaking took place in February, with vertical construction slated to start in the coming months.
• The project completed a direct wallet-to-wallet Bitcoin purchase for an east-facing studio, marking a practical precedent for crypto transactions in Miami condo sales.

Project scope and timeline

The Rider will rise 12 stories with 146 residences that include furnished studios, 1-, 2-, and 3-bedroom units and penthouses. Developers expect delivery between late 2026 and 2027, with different sources listing late 2026 as a target in some reports and a broader completion expectation set for 2027. The joint venture is led by two Miami-based firms and the general contractor is Beauchamp Construction.

Site background and ownership

The development sits on properties at 94 and 100 NE 29th Street and 101 NE 28th Street. The 0.6-acre site was purchased in 2021 for $12.2 million by the developer group and a prior partner. Last year the current lead developer bought out that partner’s stake in a $21 million deal financed in part by an $11.5 million mortgage from a Miami-based lender.

Design, interiors and finishes

Design and exterior work are credited to a Miami-based studio that also serves as architect. The façade blends exposed brick, steel and concrete, drawing stylistic cues from classic loft neighborhoods in Chicago and New York’s SoHo and Meatpacking District. Interiors are by a Miami design house and will be delivered fully furnished with an overall 1970s-inspired, retro-modern theme that uses bold colors, textured fabrics and glass balcony treatments.

Standard unit features will include open layouts, gourmet kitchens with Bertazzoni appliances and Italkraft cabinetry, spa-style primary bathrooms, smart home systems and floor-to-ceiling windows.

Pricing, sales and rental rules

Price reporting varies across market coverage, with ranges roughly spanning from the low-to-mid hundreds of thousands up to multi-million-dollar penthouses. One set of reported prices lists units from about $500,000 to more than $2.5 million, while other reporting noted a range from the $400,000s to about $1.8 million. Sales are being handled by a Miami brokerage led by an industry veteran.

The project is being marketed to buyers who plan to operate short-term rentals. There will be no rental restrictions, allowing owners to place units into a rental program managed by the building or rent independently.

Crypto-first features and the wallet sale

The Rider has been publicly promoted as a crypto-friendly or crypto-native condominium. Developers are accepting cryptocurrency for purchases and unveiled a strategic partnership with a Wynwood-based crypto lender to create financing products aimed at buyers who want to use digital assets as collateral.

The project completed a notable direct Bitcoin sale in late April 2025. The unit sold was an east-facing studio with 391 square feet of interior space and a 133-square-foot private terrace, for $528,900 — about $1,353 per square foot. The payment was made as a direct wallet-to-wallet Bitcoin transaction through a regulated crypto exchange, removing intermediary conversion steps. The sale was facilitated in-house by the building’s sales team.

Crypto financing products

The Wynwood-based lender will offer two main products for buyers: an initial crypto-collateralized loan to fund a buyer’s pre-construction deposit and a post-construction mortgage that uses the property as collateral. The deposit loan enables buyers to cover a 40% pre-construction deposit by pledging Bitcoin or other digital assets without selling them, with interest rates advertised in the high single digits for that short-term credit. After closing, the lender plans to offer a 30-year mortgage and has said it can finance up to 100% of the purchase price at closing.

Amenities and transit

Building amenities include a lobby café, a rooftop resort-style pool deck with a restaurant and speakeasy, a hi-fi listening lounge, pet spa, fitness center with Peloton and Technogym equipment, a wellness spa with cold plunge pools and a Turkish hammam, 24-hour valet, EV charging and private garage access. A novel feature called the Toybox will make Harley Davidsons, Vespas and electric bikes available for resident use.

The site sits less than a block from a planned high-speed rail station on NE 27th Street, part of an expanding car-free network that aims to connect Miami to northern coastal markets and inland destinations.

Nearby activity and broader context

The developer is also building another mid-rise project less than a block away: a 12-story residential building with roughly 300 apartments, significant ground-floor retail and office space, targeted for completion in 2028.

Frequently asked questions

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Key features at a glance

Deeper Dive: News & Info About This Topic

Additional Resources

• The Real Deal: Developers secure $90M loan for Miami condo project
• Wikipedia: The Rider Residences
• Profile MiamiRE: Rilea Group and CIPRS break ground on The Rider Residences
• Google Search: The Rider Residences Wynwood groundbreaking
• Florida YIMBY: First direct wallet-to-wallet cryptocurrency real estate sale at The Rider
• Google Scholar: wallet-to-wallet Bitcoin real estate sale Miami
• Profile MiamiRE: The Rider and Wynwood-based crypto lender unveil crypto-backed financing
• Encyclopedia Britannica: cryptocurrency mortgage real estate
• Community Newspapers: Record $1.19M sale of retail space at The Rider Residences
• Google News: The Rider Residences retail sale Miami

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