It seems a bit odd that in light of Miami's out-of-control condo boom, the full plans for midtown Miami still have not come to fruition. This despite the fact that it was one of the few development projects that really thrived during the valleys between the booms.
Well, according to exMiami, Midtown 5 is set to break ground later this year after the property was bought by Chicago-based Magellan Development Group.
The planned 24-story condo tower will include 400 luxury rentals, most of which will be one-bedrooms. "Sustainable materials" and LEED certification will be incorporated as a selling point, as will amenities including 54,000 square feet of fitness areas, a bike-washing and -parking station, and a pool and spa.
The project will also include 24,500 square feet of new retail and office space.
The building will stand directly next to Midtown 4 at 3201 NE First Ave.
Midtown 5 will join the under-construction Midtown 3, which will include a Hyde-branded hotel and, naturally, the planned Walmart, which hit a recent speed bump with a local court ruling that requires the retail giant to make some alterations to its design before proceeding. C'est chic.
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