Lions Group from NYC recently purchased a development site in order to turn it into a new Downtown Miami apartment tower. The New York group allegedly paid $10 million fo the site which has already been approved for a project. M Tower will be a 53 story apartment building featuring 440 units. In addition, it will also have 27,000 square feet of office and 1,089 square feet of retail space.
Lions Group NYC had been looking for a development site in the area since before the Covid19 pandemic hit. This site was a perfect match for the project the group has planned. Right now, the group owns other multifamily projects in Brooklyn, Queens, and Long Island.
The new Downtown Miami apartment tower will be near the federal administrative building, I-95, and the Miami Avenue Metromover station. In addition, it will be marketed to students and young professionals. This is currently the largest market within the area.
The Downtown Miami real estate market is very active right now. There are many exciting projects on the pipeline. M Tower is another great opportunity that will continue to fuel the boom that the area is currently experiencing.
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