Oak Row Equities recently acquired 49 NW 5th St. in downtown Miami, where it plans to develop First & Fifth, a 45-story luxury apartment tower.
The private equity and real estate development company purchased the site for $38.5 million off-market. The property is located across from MiamiCentral Station, the hub of South Florida’s four main train systems: Brightline, Metrorail, Tri-Rail and the Metromover, and features a “perfect” transit score of 100.
“First & Fifth exemplifies our thesis that the ability to live, work and play within a short walk or train ride will become critical to a renter’s decision process in South Florida,” Oak Row Managing Partner Erik Rutter said in a press release. “We are proud of our partnership with the City of Miami and the diligence of our team in structuring this deal while navigating historic preservation and zoning requirements.”
First & Fifth will encompass 700,000 gross square feet and offer 500 apartments. Architecture firm ODP is designing the tower, which will take design cues from Miami’s turn-of-the-century Venetian architecture.
“This downtown acquisition is a culmination of conviction, persistence, collaboration and vision,” Oak Row Managing Partner David Weitz said. “We couldn’t be more excited to continue planning this landmark transit-oriented development. We are eager to present First & Fifth to the capital markets and future tenants.”
The property is located across from MiamiCentral Station, the hub of South Florida’s four main train systems. Courtesy of Oak Row Equities.