The new apartment building is planned to be “high design,” said Asi Cymbal, Chairman of developer Cymbal DLT Companies.
“Typically, you would experience this level of design from a high-end condominium project or an art museum.”
Mexican architect Enrique Norten and his firm Ten Arquitectos will design the new complex, which will 350,000 square feet.
The eight-story project will have 203 apartments, ground floor retail, and a rooftop pool and bar.
State-of-the-art features such as hands-free access to units, noise attenuation elements, and air purification, sterilization and ionization systems that are 99% effective against Covid.
Cymbal said it closed on a $17.5 million loan from New Wave Loans today, allowing it to buy out its partner in the property and make the site shovel ready.
The new property will be built around current tenant The Sylvester. Other retailers that will remain on-site include Saccaro, D?ek Thai Eatery, and a ghost kitchen location for REEF Neighborhood Kitchens.
Cymbal DLT will move its headquarters from the property to its Riverwalk Raintree Residences when it is complete in 2025, but will have a satellite office in the new Midtown Miami building. An interim headquarters is planned at its Oasis Pointe in Dania Beach.
Groundbreaking across from Midtown Miami is planned for late 2023.