Conceptual design of 2900 Terrace, a luxury multi-family tower in Miami’s Edgewater neighborhood.
Oak Row Equities has announced a $210.5 million financing deal for the construction of 2900 Terrace, a luxury multi-family tower in Miami’s Edgewater neighborhood. The project will feature 324 residential units with modern amenities, including a fitness center and co-working spaces. With strategic access to cultural hotspots and major transport links, 2900 Terrace aims to enhance Miami’s urban landscape and address the demand for high-quality housing. Construction is set to begin soon, with an expected completion in late 2027.
Oak Row Equities has successfully closed a substantial financing package totaling $210.5 million to fund the construction of a new luxury multi-family tower known as 2900 Terrace, located in Miami’s rapidly developing Edgewater neighborhood. With this significant investment, the company is poised to address the growing demand for high-quality residential units in the region.
The financing structure comprises a $142.5 million senior loan from Bank OZK coupled with a $68 million mezzanine loan from Canyon Partners Real Estate. To facilitate this arrangement, JLL played a vital role in representing Oak Row Equities throughout the loan acquisition process.
Construction on 2900 Terrace is set to begin immediately, with projected completion by the fourth quarter of 2027. Once finished, the tower will offer 324 oversized homes, professionally designed by the renowned architectural firm, Arquitectonica. The residences will feature a range of layouts, including one-, two-, and three-bedroom options, with many apartments boasting expansive wraparound terraces and designated home offices.
The interiors of the new tower will showcase calming color palettes and high-quality finishes, often reserved for premium for-sale properties. The design aesthetic incorporates warm bronze accents, off-white stucco, and a carefully textured facade, all contributing to an inviting living space.
A wealth of top-tier amenities will also be available to residents, including a state-of-the-art fitness center, yoga studio, and pet spa. Additionally, the building will feature co-working spaces, podcast studios, treatment rooms, and a sauna, catering to the varied lifestyles of future inhabitants. For leisure activities, residents will enjoy a theater, children’s playroom, and outdoor amenities such as a swimming pool, hot tub, cabanas, and BBQ grills. Recreational options are enhanced with two padel courts and a play area for children.
Occupying 1.5 acres of prime real estate, 2900 Terrace is designed with the urban dweller in mind. The site will include 500 parking spaces, equipped with EV charging stations, to accommodate residents’ needs. The ground floor will emphasize community interaction, featuring landscaped areas set back over 10 feet from the street to create inviting gathering spaces.
The tower will benefit from its proximity to major attractions, including the colorful Wynwood Arts District, a newly opened Whole Foods market, and a forthcoming Brightline rail station, ensuring convenient transportation options for its residents. Edgewater itself is known for its vibrant lifestyle amenities, including Margaret Pace Park, a wide array of dining, shopping, and entertainment venues.
Founded in 2018, Oak Row Equities has swiftly established itself as a significant player in the South Florida real estate sector. In addition to the 2900 Terrace development, the firm is also under contract for a substantial acquisition set in Brickell, earmarked for development on a 4.25-acre waterfront property valued at $520 million.
Canyon Partners, which has invested over $1.4 billion in various debt and equity capital projects across the United States, has also directed substantial investment towards Florida developments, exceeding $4.1 billion since its inception. Notable tenants within the Oak Row portfolio include giants like Amazon and Spotify, with Amazon recently signing the largest office lease in Miami’s Wynwood submarket.
With a robust pipeline of future projects, including additional office buildings alongside residential developments, Oak Row Equities is committed to delivering luxuriously finished rental communities that cater to a significant undersupply of two- and three-bedroom residences in the Miami-Dade area, thereby influencing the urban residential landscape of the city.
News Summary The North Port City Commission is facing backlash for considering funding options for…
News Summary Cape Coral's real estate market is experiencing significant growth with high-profile property sales,…
News Summary The Trump administration is intensifying scrutiny over a costly renovation at the Federal…
News Summary KWS Seeds is building a pioneering greenhouse research facility in Kimberly, Idaho, aimed…
News Summary The construction industry is projected to witness significant growth of $4.2 trillion over…
News Summary Dubai Municipality has showcased its excellence by earning ten significant awards, both locally…