PMG, Michael Simkins’ Lion Development Group and Alex Karakhanian’s Lndmrk Development launched sales of a planned short-term rental friendly condo tower in Miami’s Overtown.
The 22-story project at 105 Northwest Eleventh Terrace, called One West Twelve Residences, will include a ground-floor restaurant and lounge led by celebrity chef Marcus Samuelsson, Simkins said.
Sales launched about a month ago, and the 372-unit development is more than 50 percent presold, a spokesperson said.
It adds to an expanding pipeline of short-term rental-friendly condo projects in the works in the Greater Downtown Miami area. The developments promise buyers flexibility to generate income with few to no rental restrictions, at more affordable prices than other condo projects.
Units at One West Twelve start at $300,000, according to a press release. The condos will be studios and one-bedrooms averaging between 400 and 500 square feet. The project will also have eight townhouses with up to three bedrooms. All the residential units will be delivered furnished.
PMG Residential is handling sales, Simkins said. Buyers will be able to rent their units out on a daily basis.
Samuelsson, a James Beard Foundation-award winning chef, owns Red Rooster Overtown. At One West Twelve, he plans to open Vibe BBQ.
The project marks the fourth for Simkins and PMG in the area. PMG and E11EVEN Partners, which includes Simkins, are also developing E11even Residences Beyond and E11EVEN Residences Beyond. PMG, Simkins’ Lion Development Group and Marc Roberts Companies are developing the nearby West Eleventh Residences.”
While PMG has worked with Karakhanian’s Lndmrk, One West Twelve marks the first project for all three firms.
Simkins said investors, end-users and foreign and domestic buyers are signing contracts.
The developers would secure construction financing when they break ground, which is expected to occur in the summer of 2025, Simkins said.
PMG, Lion Development and Lndmark paid $16.5 million for the 1.5-acre site in February. They originally planned to develop apartments, but pivoted to condos. A handful of developers are changing planned apartment projects into condo developments.
“Development of multifamily is very challenging,” Simkins said, citing cap rate compression and other cost issues.
Simkins has been investing in Overtown for more than a decade.
“What’s really attractive about the building is the price point,” Simkins said. “There is so much vibrancy in that neighborhood. People recognize there’s a revitalization happening in Overtown.”
The historically Black neighborhood is now at the center of large-scale redevelopment.
Developer David Martin is teaming up with an entity led by the billionaire Más family on a 1,215-unit residential complex planned for a former Major League Soccer stadium site anchored at 650 Northwest Eighth Street.
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