PMG, Lion Development Group led by Michael Simkins, and Alex Karakhanian’s Lndmrk Development 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, and will support the development of One West Twelve Residences (One W12), a 22-story building planned at 105 Northwest Eleventh Terrace.
The project will consist of 372 units, with an average financing of about $249,000 per unit. Sales for One W12 began last year and the developers report that it is now 97 percent presold.
The building will offer studio and one-bedroom condos as well as townhouse units ranging from one to three bedrooms. Cube 3, an architecture firm from 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 by James Beard Foundation award winner Marcus Samuelsson.
Unit prices started at $300,000. The developers aim to attract buyers seeking lower price points compared to other short-term rental-friendly projects in the area.
“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 increased investment from other developers as well. Terra’s David Martin and the Más family are collaborating on a residential complex with over 1,200 units across 8.4 acres. Their project will include market-rate, affordable and workforce housing options along with retail space.
