Neology Tops Off $100M Luxury Miami Tower
Source: MULTI-HOUSING NEWS
Neology Life Development Group has topped off The Julia, a 323-unit luxury multifamily tower in Miami. Designs were provided by Behar Font Architects, and JAXI Builders serves as general contractor. Completion is scheduled for February 2024.
Neology broke ground on the $100 million project in 2021, financing its construction with a $78.2 million loan from Trez Capital, according to Yardi Matrix data. The 36-month loan was secured by Berkadia.
The 14-story property will comprise one- and two-bedroom floorplans ranging from 600 to 1,000 square feet, as well as 15,000 square feet of ground-floor retail. Apartments are slated to feature walk-in closets, floor-to-ceiling windows, in-unit washers and dryers, stainless-steel appliances and quartz countertops. Common-area amenities will include a swimming pool, dog park and spa, together with coworking spaces.
Located at 1625 NW 20th St., the development rises within the Allapattah neighborhood, some 4 miles from downtown Miami and about 1 mile from another Neology multifamily development. Situated in a dense walkable area, the community will have numerous retail and dining options nearby, as well as the expansive Jackson Memorial Hospital.
In prepared remarks, Neology President & CEO Lissette Calderon mentioned the high demand registered by the Miami multifamily market. Since the beginning of the year, 13 properties have broken ground in the metro, totaling more than 3,300 units, Yardi Matrix data shows.