MIAMI — A development partnership between New York City-based Property Markets Group (PMG) and Toronto-based Greybrook Realty Partners are currently developing 400 Biscayne, a mixed-use project offering 646 rental apartments in Miami.
Slated for completion in 2021, the 49-story building will include 51,000 square feet of commercial space and a 22,000-square-foot redesigned First United Methodist Church of Miami. PMG originally bought the development site from the church in 2018 for $55 million, and the developers broke ground on 400 Biscayne in June of this year.
The church will incorporate a chapel, fellowship hall, basketball court, classrooms and offices spanning the bottom 10 floors of the building, and will have its own separate entrance and parking.
“We are working hand-in-hand with First United Methodist Church and Greybrook Realty Partners to create something special for the neighborhood, which will continue to foster growth and connection in this city we love,” says Ryan Shear, managing partner of PMG.
Additional amenities of the building will include a public lobby lounge and restaurant, co-working spaces, a gym and fitness studio with frequent group classes, bike storage facilities, and a massive pool.
The Miami Herald reports that a portion of the units at the 400 Biscayne project will be designated as co-living, allowing tenants to lease units by bedroom. In 2018, the same development team opened the X Miami building, a 464-unit multifamily property that features 80 co-living apartments.
Centennial Bank and Square Mile Capital recently provided a $161.5 million construction loan for the project. Andrew Warman, Jonathan Blank and Lowell Plotkin represented PMG in-house. Luis Flores led the team of Saul Ewing Arnstein & Lehr attorneys who represented the PMG and Greybrook partnership in closing the transaction.
“Securing this construction financing for 400 Biscayne underscores the confidence the lending community has in our co-living multifamily residential platform and the underlying asset,” says Peter Politis, CEO of Greybrook Realty Partners.
— Alex Patton