Oak Row Equities and LNDMRK Development have broken ground on 2900 Terrace, a luxury multifamily tower located at 401 NE 29th St in Miami’s Edgewater neighborhood. The milestone follows the closing of a $210.5 million construction financing package, consisting of a $142.5 million senior loan from Bank OZK and a $68 million mezzanine loan from Canyon Partners Real Estate. The development marks another major addition to Oak Row Equities’ rapidly expanding South Florida portfolio, which now totals more than $3.9 billion in active projects.
Designed by Arquitectonica, the 32-story edifice will rise on one of the last undeveloped parcels east of Biscayne Boulevard. The tower will feature 324 spacious one-, two-, and three-bedroom residences, many with wraparound terraces and home offices. Residences will be finished with calming color schemes and high-quality materials. Completion is expected by the fourth quarter of 2027.
“2900 Terrace will up the caliber of multifamily product in Miami by orders of magnitude. We are thrilled to break ground and service a true market gap for oversized, condo-quality rentals that are purpose-built for discerning tenants,” said Erik Rutter and David Weitz, Managing Partners at Oak Row Equities. “Commencing construction on 2900 Terrace is a significant milestone for our growing portfolio and we are eager to deliver an unparalleled rental experience to the city.”
The tower’s extensive amenity program spans two levels and centers on wellness and social engagement. Indoor amenities include a state-of-the-art fitness center, yoga studio, co-working spaces with podcast and content creator studios, card room, resident lounge, treatment rooms, sauna, golf simulator, theater, and a children’s playroom.
A south-facing landscaped deck will feature a resort-style swimming pool, cold plunge, cabanas, lounge seating, BBQ grills, picnic areas, a hot tub, summer kitchen, two padel courts, a children’s playground, and a co-working terrace.
Arquitectonica’s design juxtaposes warm bronze-like accents with off-white tones across the exterior façade. The use of perforated corrugated metal, reflective glass, and charcoal-framed windows creates a sophisticated yet dynamic appearance, while textured materials add visual depth to the podium levels.
Situated on 1.5 acres, 2900 Terrace will feature a landscaped ground floor experience with generous setbacks of over ten feet from the street. The building will include over 500 parking spaces, complete with EV charging stations, and a covered loggia at the main residential arrival point.
Edgewater continues to attract strong residential demand, with access to Margaret Pace Park, nearby dining, retail, and convenient connectivity to Wynwood, Midtown, and the Design District. The site is one block from a new Whole Foods Market and a future Brightline station, further enhancing its location appeal.
Oak Row Equities’ portfolio includes Wynwood Plaza, home to Amazon’s South Florida headquarters, which recently celebrated its grand opening. The firm is also under contract for a $520 million acquisition of a 4.25-acre waterfront property in Brickell, which would mark one of the largest single land transactions in South Florida. Notable tenants across its holdings include Amazon, Spotify, Equinox, Coastal Construction, and Ferraro Law…