Oak Row Equities Unveils Plans for 500-unit Multifamily Development in Downtown Miami

Oak Row Equities has acquired the development site for First & Fifth, a luxury 500-unit, 45-story community in Miami, for $38.5 million. The transaction includes seller financing backed by existing income. The 0.8-acre site was previously owned by The Citadel Arena Corp., and Colliers along with Pastore & Associates facilitated the deal on behalf of the seller.

Architectural Tribute to Miami’s Heritage

The project partners include ODP, an architecture firm that designed the community to reflect Miami’s early 20th-century Venetian architecture. The development will also preserve the facade of an on-site historic office building dating back to 1925. The site is located at 49 NW Fifth St., strategically positioned across from MiamiCentral Station, close to various dining and retail options, and within 7 miles of Miami International Airport.

Recent Developments and Future Plans

This acquisition follows Oak Row Equities’ recent groundbreaking at 2600 Biscayne Blvd., another mixed-use project in Miami. This development, supported by $181 million in construction financing, will feature 399 luxury units and 201,000 square feet of office space.

Miami’s Expanding Multifamily Landscape

As of June, Miami had 153 multifamily projects under construction, amounting to about 43,550 units. Additionally, nearly 940 prospective projects are in various planning stages across the metro area. Recently, a joint venture between Fuse Group and Boca Paila secured $84.4 million for The Arcadian, a 478-unit project in Fort Lauderdale set to be completed in 2026. In February, a partnership between L&L Holding Co. and Oak Row Equities topped out The Residences at The Wynwood Plaza, a 509-unit luxury property in Miami scheduled for completion in 2025.