MIAMI — Development firm LCOR has acquired 1775 Biscayne Boulevard, a development site located two blocks from Biscayne Bay in downtown Miami. Plans call for a 40-story, 540-unit residential building that will be situated on the border of the Arts & Entertainment District and Edgewater neighborhood.
Units will be available in studio, one- and two-bedroom options. Construction on the condominium project is scheduled to begin in early 2024 for completion in 2026.
“Miami [is] a highly competitive land market currently on the cusp of a transformational development surge,” says Brad Capas, executive director of Cushman & Wakefield Capital Markets. “Located at the center of one of Miami’s most exciting growth corridors, 1775 Biscayne will aid in producing critically needed residential offerings between the Miami World Center and Midtown districts.”
Unit features will include stainless steel appliances, in-unit washers and dryers and quartz countertops. Communal amenities will include a fitness center; rooftop pool deck; outdoor terrace and grilling space with views of Biscayne Bay and downtown Miami; tenant lounges equipped with flexible coworking spaces and conference rooms; over 600 onsite parking spaces; and package retrieval services.
The project was originally proposed in 2017 and included 14,000 square feet of ground-floor retail space. However, the new plans call for 13 fewer floors than that proposal, and there was no mention of a retail component.
While LCOR has been an active investor in the South Florida and broader Southeastern markets for over 10 years, this acquisition marks the firm’s first ground-up development in the South Florida region. The company has offices in New York City, Philadelphia and Washington, D.C.
“Expanding our multifamily development business into Florida and the Southeast is a key component of LCOR’s strategic growth plan,” says Anthony Barsanti, CEO at LCOR. “As a global city center, Miami aligns well with our core strategy of developing and building within the East Coast’s core urban markets.”
LCOR is a build-to-core, transit-oriented, multifamily development platform focused on major East Coast urban markets. Over its 40-year history, the development firm has worked on more than 300 large-scale mixed-use projects.
