Oak Row Equities' 324-Unit Edgewater Tower Tops Out Nearly Three Months Ahead of Schedule

• 2900 Terrace, a 32-story residential tower at 401 NE 29th Street, Miami, Florida 33137, has topped out nearly three months ahead of its baseline construction schedule.
• Developed by Oak Row Equities and LNDMRK Development, the 362-foot tower will include 324 rental apartments, 15,536 square feet of ground-floor retail, and parking for 504 vehicles.
• Coastal Construction is serving as general contractor, with the concrete structure reaching an average production pace of 1.5 floors per week.
• The project secured $210.5 million in construction financing in 2025 and is expected to be completed in the fourth quarter of 2027.

What 2900 Terrace Will Bring to Edgewater

Construction has reached a major milestone at 2900 Terrace, a new residential tower rising in Miami's Edgewater neighborhood. The 362-foot building is taking shape on an approximately 1.5-acre site bounded by NE 29th Terrace, NE 4th Avenue and NE 29th Street, just one block east of Biscayne Boulevard. Once completed, the tower will bring 324 rental residences to the neighborhood, along with 15,536 square feet of ground-floor retail and parking for 504 vehicles. The project adds another significant residential development to an area that has seen a steady wave of high-rise construction near Biscayne Bay.

What The Early Topping-Out Means

The final section of the roof slab has now been placed, marking the completion of the building's reinforced concrete superstructure. Project manager John Ellerman announced the milestone and credited the construction team for maintaining an average production rate of 1.5 floors per week, or roughly six floors per month. He said the pace was achieved without relying on typical extended working hours. Ellerman specifically credited L&R Structural, the mechanical, electrical and plumbing trades working on the decks, and structural engineer Adrian De Los Reyes, P.E., for helping the project reach the milestone nearly three months ahead of schedule.

What Construction Looks Like Now

While the concrete structure has reached its full height, exterior and interior work are continuing across the tower. Glazing has already been installed across substantial portions of the lower and middle levels, while the upper residential floors remain more exposed. Work on the building envelope is continuing behind the concrete operation as interior construction and mechanical, electrical and plumbing work advance throughout the building. The topping-out milestone means crews can now focus increasingly on enclosing the tower and moving the project toward its expected 2027 completion.

What The Financing Says About The Project

Oak Row Equities and LNDMRK Development secured $210.5 million in construction financing for 2900 Terrace in 2025. The financing package included a $142.5 million senior construction loan from Bank OZK and $68 million in mezzanine financing from Canyon Partners Real Estate. The financing provides the capital needed to carry the project through the remaining construction, interior build-out and final delivery stages.

What The Development Means for Edgewater

2900 Terrace is joining a growing collection of residential towers transforming Edgewater into one of Miami's major high-rise rental markets. Its location near Biscayne Boulevard places the project within an established development corridor, while the addition of retail space at ground level will bring a commercial component to the new residential tower. For Oak Row Equities, the project also adds to a growing South Florida development portfolio. The company is led by Erik Rutter and David Weitz, who co-founded the firm and serve as managing partners.

What Comes Next for 2900 Terrace

With the structure topped out, work will shift toward completing the façade, installing the remaining windows and building systems, and finishing the apartments and common areas. Coastal Construction is serving as general contractor. The company transitioned its CEO role in 2026, with brothers Tom C. Murphy and Sean Murphy now serving as co-CEOs, while founder Thomas P. Murphy Jr. remains chairman. Arquitectonica is responsible for the tower's design. The Miami-based firm was founded in 1977 and is led by founding principals Bernardo Fort-Brescia and Laurinda Spear, with Timothy Reedy serving as CEO. 2900 Terrace is currently expected to reach completion in the fourth quarter of 2027.