PMG, Lion Development Group led by Michael Simkins, and Lndmrk Development headed by Alex Karakhanian have secured a $92.5 million construction loan for their new condominium project in Miami’s Overtown neighborhood. The financing comes from Maxim Capital Group, based in New York.
The project, named One West Twelve Residences (One W12), will be located at 105 Northwest Eleventh Terrace. It is planned as a 22-story building with 372 units designed to accommodate short-term rentals. According to the developers, sales for One W12 began last year and the project is now 97 percent presold.
Each unit averages about $249,000 in construction costs. The building will offer studio and one-bedroom condos, along with several townhouse units ranging from one to three bedrooms. Cube 3 of North Andover, Massachusetts is responsible for the design. Planned amenities include a fitness center, rooftop garden, pool, art installations, and Vibe BBQ—a restaurant on the ground floor operated by James Beard Foundation award winner Marcus Samuelsson.
Units were initially priced starting at $300,000. The developers say they are targeting buyers seeking lower price points compared to other short-term rental-friendly projects.
“What’s really attractive about the building is the price point,” Simkins told The Real Deal last year. “There is so much vibrancy in that neighborhood. People recognize there’s a revitalization happening in Overtown.”
Overtown has seen increasing investment from various developers recently. Terra’s David Martin and the Más family are also working on a separate large-scale residential complex nearby that will include market-rate, affordable, and workforce housing options along with retail space.
