Miami’s Midtown neighborhood is flourishing, and Magellan Development Group is looking to be part of the action. Completion of their Midtown 5 mixed-use project is drawing near, but the developers have bigger plans for the area. According to a recent article from The Real Deal, applications for Midtown 6 and Midtown 7 have already been submitted. The pair of 32-story residential towers will bring 838 more apartments to the area if plans are approved.
With hopes to break ground by summer 2017, Magellan wants to start with the construction of Midtown Six, complete with 447 apartments and 39,718 square feet of retail space. It has been said that the company is taking a “wait-and-see approach” regarding Midtown 7. Before launching the second of the two planned towers, developers want to measure interest in its Midtown 5 project, which should open late this year.
Competition in the Miami rental market is expected to get stiff in the coming years, with several projects on the books. Wharton Equity Partners and Mack Real Estate Group are nearing completion of their Eve at the District apartment tower, while Wood Partners is seeking approval for a new 28-story multi-family building in Midtown, just to name a few.
“It comes down to supply and demand,” said Magellan’s executive vice president, Brian Gordon. “Every year a certain number of units get gobbled up, and hopefully we’re in the range where there’s not oversupply.”
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