In a bold move that underscores the growing appeal of Miami’s urban core, Oak Row Equities has acquired a prime downtown parcel for $38.5 million in an off-market deal. The real estate investment and development firm, with offices in New York and Miami, plans to transform the site at 49 NW 5th St. into a striking 45-story multifamily tower dubbed “First & Fifth.”

The acquisition, brokered by Colliers’ Mika Mattingly and Cecilia Estevez, along with Vincent Pastore of Pastore and Associates, represents a significant investment in Miami’s burgeoning transit-oriented development landscape.

Designed by ODP architects, the proposed First & Fifth tower will boast 700,000 square feet of space, housing 500 luxury multifamily units. While specific details on unit mix and rental rates remain undisclosed, the project aims to blend modern luxury with historical charm by preserving elements of the original 1925 Venetian-inspired structure.

The development’s strategic location adjacent to MiamiCentral station positions it at the nexus of Miami’s mass transit system, offering residents unprecedented access to Brightline, Tri-Rail, Metrorail, and Metromover services. This proximity to transportation hubs aligns with a growing trend in Miami’s urban development, catering to residents seeking car-free living options in the city center.

Erik Rutter, managing partner at Oak Row Equities, emphasized the project’s alignment with evolving renter preferences: “First & Fifth exemplifies our thesis that the ability to live, work, and play within a short walk or train ride will become critical to a renter’s decision process in South Florida.”

The development comes at a time when Miami grapples with significant traffic congestion, ranking eighth globally according to INRIX’s latest data. This challenge has spurred a wave of transit-oriented developments and renewed focus on expanding mass transit options.

Market data supports the wisdom of Oak Row Equities’ investment. Over the past five years, downtown Miami has captured more than 30% of the city’s renter demand. The area’s desirability is reflected in premium asking rents, which command a 21% higher rate compared to the broader Miami market, according to CoStar.

As Miami continues to evolve as a global city, projects like First & Fifth are poised to reshape the urban landscape, offering a blend of luxury living and practical accessibility that could set new standards for residential development in high-density urban areas.

Source: CoStar News