MIAMI—ZOM is getting busy on the Miami multifamily development front. The firm just announced two new towers rising from South Florida's dirt.
ZOM recently closed on a land and air rights parcel within the Met 3 mixed-use project and started construction on Montage at Met 3. Montage will house 462 multifamily units in a 32-story luxury tower. A Whole Foods will offer grocery shopping at the ground level. The project also includes 12 levels of structured podium parking.
Met 3 is located at the Northeast corner of Southeast 2nd Avenue and Southeast 3rd Street in the heart of Downtown Miami. That's walking distance to the Metromover. The project is a joint venture with an investor account advised by the U.S. real estate business of UBS Global Asset Management.
“The Met 3 site is an outstanding location and surrounded by employment, restaurants, nightlife and public transportation,” says Greg West, ZOM's Chief Development Officer. “The demographic characteristics of the immediate area, with the presence of over 89,000 jobs within a three-mile radius, plus an upscale Whole Foods in our building, create a compelling case for the success of the Montage apartment project.”
Down the road, in Miami's Brickell Corridor, ZOM is planning a 46-story multifamily project across the street from Swire's $1 billion-plus Brickell CityCentre. ZOM recently acquired a parking lot site at 80 Southwest 8th Street.
ZOM and its joint venture partner, AIG Global Real Estate, the real estate arm of insurer AIG, are finalizing plans to develop a 420-unit luxury high-rise there. The site is on the block between Brickell CityCentre project and Mary Brickell Village. At CityCentre, Swire plans to build out 500,000 square feet of shopping and dining under a multi-story open air covered plaza.
“ZOM is excited to be partnering with AIG to build this project,” says West. “Their vision for this project, coupled with their level of expertise, adds great value to the project's development.” Groundbreaking is scheduled for late in the fourth quarter of 2014.
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