The Federal Aviation Administration has granted approval to apartment developer Aimco for a third tower at the Hamilton On The Bay Complex in Edgewater.

According to an approval letter, the third tower can rise up 497 feet above ground, or 502 feet above sea level.

Aimco also received FAA approval earlier this year for tower 2 at The Hamilton, which is planned to have 241 apartments. The 60-story tower is approved to rise 645 feet above ground, or 649 feet above sea level, directly on Biscayne Bay.

The eastern, waterfront 60-story Tower 2 is planned to have large units attracting executives and affluent Gen X residents

The west Tower 3 is planned to rise around 42 floors and will be geared toward households with and without children. Unit sizes will average 1,193 square feet and offer open floorplans with water and skyline view corridors, the company told investors in a May presentation.

In addition, another development is planned on the same block in partnership with Beitel Group. That project will be a “gateway development,” with approximately 650 units, office, and retail.

Aimco is nearing completion on a renovation of the first Hamilton On The Bay (being rebranded as The Hamilton), where it is investing $95 million. There are 271 units under renovation.

According to The Hamilton’s website, apartment rents for some of the penthouse units at the newly renovated Hamilton will start at over $31,000 per month.

Aimco also announced a pledge of $1 million last week to Camillus House to support workforce development programs.

The funds will be used to provide training and skills to those experiencing homelessness, allowing them to benefit from Miami’s rapidly growing economy.