LCOR has kicked off vertical construction on a major apartment tower at 1775 Biscayne Boulevard in Miami’s Edgewater neighborhood after securing its construction financing. The roughly 1.1-acre site, a block from Biscayne Bay and Margaret Pace Park, is trading low-slung asphalt for a high-rise rental building, with crews pushing ahead on foundations and podium work before the tower starts to climb above grade.
Loan Closes As Crews Move In
LCOR is financing the build with about $192.5 million in construction debt from Natixis’ New York arm, according to Commercial Observer. Public records identify the financing as a term construction facility that matures in 2029, per The Real Deal.
Project Size, Unit Mix And Design
The development is being planned as a roughly 42-story, 544-unit mixed-use tower with about 50,000 square feet of resident amenities and roughly 10,000 square feet of ground-floor retail, according to LCOR. The company outlines a unit mix that runs from studios through three-bedrooms, along with a substantial parking podium serving the site.
On the design side, architect ODP Architects highlights a sculptural garage screen and nearly 950,000 square feet of gross floor area, positioning the project as one of the bigger rental plays on this stretch of Biscayne Boulevard.
Who Is Building It And Who Brought The Money
Coastal Construction is listed as the builder and already has crews on site, according to ConnectCRE. The construction loan was arranged by an institutional brokerage team, Marcus & Millichap’s IPA/Capital Markets group, with Max Herzog and Andrew Cohen representing LCOR in the financing process, per Commercial Observer.
How It Fits Into South Florida’s Crowded Rental Pipeline
The new tower is landing in a market digesting a heavy wave of fresh supply. CoStar data show about 18,600 apartment completions in 2024 and roughly 12,718 in 2025 across South Florida, according to The Real Deal. The metro’s median asking rent eased to roughly $2,284 in May, per Realtor.com.
LCOR paid about $49 million for the Biscayne site in 2022, according to The Real Deal. The new tower joins a cluster of big-ticket bets in Edgewater, where Cain and Kushner recently bought a nearby 1.5-acre parcel and Dezer Development secured approval for a 586-unit project north of the city. Taken together, those moves help explain why developers and lenders are still backing marquee rental projects in the neighborhood, even as they acknowledge that leasing may only fully catch up once the current crop of buildings delivers and stabilizes.
