Construction is underway at Crescent Heights’ Whole Foods-anchored luxury apartment tower in Edgewater, after the developer secured a major construction loan.
Miami-based Crescent Heights, led by Sonny Kahn, Russell Galbut, and Bruce Menin, closed on a $224 million loan from Blackstone, according to a spokesperson for the developer. The mixed-use development, called Nema Miami, is planned for 2900 Biscayne Boulevard in Miami.
It marks the first Nema-branded tower in Miami. Crescent Heights has Nema towers in Boston, Chicago, and San Francisco, as well as planned projects in Los Angeles and Seattle, according to its website.
In Miami, the 39-story building will have 588 units. Arquitectonica and Rockwell Group are designing the project. Crescent Heights broke ground and is expected to deliver the tower in 2024, the spokesperson said. The properties are in an Opportunity Zone a federal program that gives tax incentives to developers and investors who invest in distressed areas throughout the country.