A pair of multifamily developers are planning a luxury apartment tower in Miami’s Park West neighborhood.
A joint venture between Eden Multifamily and The Dermot Company is under contract to buy a 0.7-acre site at 1018 North Miami Avenue owned by Park West investor Michael Simkins, according to Miami-Dade records. A spokesperson for the partnership declined comment on the proposed sale price.
Jordan Karp is brokering the pending deal, the spokesperson added.
Coconut Grove-based Eden and New York-based Dermot are proposing a 44-story building with 430 units designed by Miami-based architect Kobi Karp, according to a letter of intent filed with the city of Miami.
On Wednesday, the Miami Urban Design Review Board granted the developers’ request to defer a vote on the project’s design so Karp can tweak the proposed building’s aesthetics.
In 2020, a Simkins entity paid $5.5 million for the property, which has a two-story warehouse completed in 1936, records show. The site is near the E11even Hotel and Residences and the E11even Residences Beyond projects that Simkins is co-developing with his fellow Park West investor Marc Roberts and Property Markets Group. Simkins and Roberts also own E11even, an ultra nightclub that anchors the 24-hour entertainment district in Park West.
Eden and Dermot are also proposing 8,000 square feet of retail in the unnamed proposed tower’s ground floor, and more than 25,000 square feet of indoor and outdoor amenity space, according to a press release.
Eden is led by Jay Massirman and Jay Jacobson. The firm has built more than 24,000 units, and through an affiliate manages nearly 25,000 units in six states, according to Eden’s website. The company is currently developing more than 1,130 units in Central and South Florida, the release states.
Founded in 1991, Dermot is a multifamily real estate investment and management company led by Steve Benjamin. Last year, Dermot paid $142.3 million for The Addison, a two building complex with 271 rental units in Brooklyn.