MIAMI—Multifamily development isn't slowingdown in Miami. A new class A apartment project isset to rise near Dadeland Mall in Kendall as 13th FloorInvestments and Adler Group just closedon a long-term ground lease with rights to develop a parcel next tothe Dadeland North Metrorail station and Dadeland Station retailcomplex. Financial terms of the deal were not disclosed.

The joint venture between 13th Floor and Adler acquired thedevelopment rights from Green Companies, whichinitially entered into a ground lease with Miami-Dade County.Development plans call for a class A multifamilybuilding. Architectural designs for the project are alreadyunderway.

“This transaction is the latest example of how 13th FloorInvestments seizes opportunities to partner with like-minded firmswhen it comes to getting deals done and getting developments offthe ground,” says 13th Floor managing principal ArnaudKarsenti. “With numerous employers nearby and excellentconnectivity to mass transit, this is an ideal setting forhigh-quality rental apartments.”