The landscape of downtown Miami continues to evolve with the addition of the Excel Miami Apartments, which has just secured a robust $95 million in construction financing. According to Multi-Housing News, Clearline Real Estate, the developer behind this multifamily tower project, has obtained a $68.5 million senior construction loan from Centennial Bank while Sunrise Realty Trust has provided a $13 million contribution to a $26 million subordinate loan.

Destined for the high-demand Arts & Entertainment District, the Excel Miami Apartments will stand 24 stories high offering 427 residential units, “This property will provide much-needed housing with premium amenities, positioned to meet the demands of a diverse workforce and residents who value convenience and connectivity to key neighborhoods such as Wynwood, Midtown, Downtown Miami and Brickell,” Jay Brito, the senior vice president at Centennial Bank involved in the financing, told Multi-Housing News; this district is rapidly gaining popularity for its connection to neighboring districts like Wynwood and Brickell and the region is already showing a competitive rental market with an occupancy rate of 96.6 percent, a figure that ties Miami with Suburban Chicago as the most competitive rental market in a recent study by RentCafe.

With design by famed firm Arquitectonica, the structure at 1550 NE Miami Place aims to blend seamlessly into Miami's urban tapestry, featuring units that range from studio apartments to two-bedroom homes and 13 exclusive townhouse loft units, as detailed by The Next Miami. Its amenities promise to cater to a luxury living experience with offerings that include a pool, yoga deck, fitness room, coworking space, a movie room, and podcast suites for creative and professional endeavors.

Despite the challenges facing real estate developers, Clearline Real Estate seems to be forging ahead with its project already under construction, adding to the vibrant tapestry of Miami's expanding skyline, with Miami's Kendall neighborhood recently welcoming the Atlis Grand Kendall, a 324-unit luxury property that echoes the city's appetite for premium living spaces. Furthermore, the propinquity to the Miami International Airport and essential city spots underscores the building's prime location for residents seeking connectivity and convenience, highlighted in the amenities roster of the Excel Miami Apartments, which was also reported by an SFBJ News.