Midtown Miami is continuing to expand as Magellan Development Group and an entity linked to Alex Vadia has closed on a $110 million construction loan for the proposed rental tower. The project, which is now ready to break ground, will rise 32 stories and was designed by BKL Architecture. Midtown 6 will feature 447 rental apartment units, 601 parking spaces and 40,000 SF of ground floor retail. Magellan also devleoped Midtown 5 which opened earlier this year as well as has proposed Midtown 7.
Magellan Development Releases Plans for Midtown 6 and Midtown 7
Plans for Midtown 6 and 7 have been revealed and Magellan Development looks to expand on their Midtown exposure. Midtown 6 and Midtown 7 will be a pair of 32-story towers located adjacent to Midtown 5 at 3001 ND 3101 NE 1ST Ave. Midtown 6 will feature 447 residential apartment units and 39,718 SF of retail with 601 parking spaces. Midtown 7 features 391 residential apartment units with 30,709 SF of retail and 505 parking spaces. Midtown 6 is expected to break ground in the summer of 2017 while Midtown 7 is on a "wait and see" approach as the developer aims to build and deliver based on demand. The buildings will be designed by BKL Architecture and will be reviewed by Miami's Urban Development Review Board later this month. Magellan is building Midtown 5 next door and is nearing completion.