Luxury apartments continue to flood the Midtown Miami pipeline, with Magellan Development’s planned Midtown 7 consisting of another 391 units, per The Next Miami.
Magellan is also behind Midtown 6 (447 units) and the recently topped off Midtown 5 (400 units), ramping up the total number of rental units coming to the area at 1,238, pending the approval of Midtown 6 and Midtown 7 with Miami’s Urban Development Review Board later this month. BKL Architecture is the architect.
Besides Midtown, Downtown Miami is becoming more of a rental hot spot, with Melody Tower and Monarc at Met 3 opening this year and projects like the under-construction Square Station set to inject over 700 apartments into the Miami market.
Miami’s luxury apartment scene is exploding, with over 13,000 units set to be delivered in 2016 alone. Considering a good chunk of condo units end up sitting uninhabited it’s a positive sign for Miami renters. That’s not to say there aren’t still plenty of condos planned to rise in South Florida, it’s just likely at a less rampant pace.
With this massive influx of people, starting in Brickell and heading north to the Midtown and Edgewater areas, there are some concerns—plumbing infrastructure and public transportation sit atop my list.