Adler, ECI to Deliver Two Luxury Apartment Towers Overlooking Biscayne Bay
- May 18, 2012
By Georgiana Mihaila, Associate Editor
The fast-growing demand for quality apartments in South Florida has drawn Adler Group to return to its multifamily roots. The company is now involved with plans to two luxury 20-story apartment towers just north of Downtown Miami.
Partnering with Atlanta-based ECI Group, Adler Group has acquired a prime 2.84-acre waterfront site located at 7950 NE Bayshore Court—the former home of the historic Mike Gordon’s Seafood Restaurant. According to an official statement, the acquisition of the property—fully entitled for multifamily development within the confines of a Major Use Special Permit—was financed by Apollo Bank. Work on the two luxury towers overlooking Biscayne Bay is set to start later this year, with the development timeline estimated to last 24 months.
The rental complex will be professionally managed, offering a host of amenities to residents. Features will include up to 13 boat slips zoned for development on Biscayne Bay, as well as a new neighborhood park dedicated by Adler and ECI and owned by the City of Miami, located directly across 79th street from the apartment complex.
Adler Group, with a background of delivering over 8,000 rental units in South Florida alone, has shifted interest for the past 13 months towards acquiring commercial assets in Florida, Virginia, Tennessee, Maryland and Texas.
The company’s return to the multifamily industry is credited to the steady decline of overall average vacancy rates in the Miami rental market over the past seven quarters. The Adler-ECI project aims at filling a void of available rental product in the mainland Miami communities north of the Downtown/Brickell market and south of the Aventura/Sunny Isles market.
Adler Group’s five-decade experience in the industry, along with ECI Group’s 40 years of delivering and managing top quality apartment and commercial properties across the Southeast U.S., stand as proof of the quality of the newest residential project that is to break ground in Miami.
Image Courtesy of Schwartz Media Strategies
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