540 Unit Tower Planned for Miami’s Art & Entertainment District

June 1, 2022

With plans for a 540-unit apartment skyscraper in Miami’s burgeoning Arts & Entertainment District, LCOR is making its South Florida development debut.

According to public documents, Pennsylvania-based, LCOR purchased 1.1 acres of land at 1775 Biscayne Boulevard from a corporation owned by Aventura orthopedic surgeon Barry Silverman and his wife, Judy Silverman. The location lies on the outskirts of Miami’s Edgewater district.

Webster Bank provided LCOR with a $33.4 million loan while Walker & Dunlop’s Keith Kurland and Michael Stepniewski represented them in the financing transaction.

According to the developer’s news release, LCOR has proposed a 40-story skyscraper with studios to two-bedroom apartments all equipped with stainless steel appliances, washers and dryers, and quartz countertops.

Amenities:

• 600 space garage
• WiFi throughout the building
• Gym
• Rooftop pool deck
• Outdoor patio
• Grilling space
• Tenant lounges
• Co-working spaces
• Conference spaces
• Package retrieval services
• 14,000 square feet of ground-floor shops

The Silvermans initially planned a 53-story mixed-use skyscraper on the site with 444 residential apartments, 200 hotel keys, 45,600 square feet of commercial space, 64,500 square feet of office space, and a 546-parking garage through their V Downtown subsidiary. A Miami board approved the necessary exemptions for the construction in 2017, but the project was never completed.

LCOR’s first ground-up project in South Florida, according to the statement, but the business has been investing in the region and other Southeast regions for more than a decade.

According to its website, LCOR is a real estate developer, manager, and investor with a $9.5 billion portfolio of finished, under construction, and pre-development projects. The California State Teachers Retirement System, Ares Management, and PGIM are among its partners. LCOR’s CEO is Anthony Barsanti, and its senior vice president is Anthony Tortora.

Construction is anticipated to begin in early 2024 with completion in 2026.