New Sense LLC just locked in a heavyweight backer for its planned Sense 22 tower in Edgewater, securing a $111 million construction package that pushes the 36-story project firmly toward full buildout. The high-rise is slated to deliver 328 apartments, with roughly 40 percent of those homes reserved for households earning at or below 140 percent of the area median income. Planned for a roughly 0.78-acre assemblage on N.E. 22nd Street, the building’s design calls for a ninth-floor amenity deck and a rooftop sky lounge.
According to Florida YIMBY, Sense 22 will span more than 500,000 square feet and feature a mix of one- and two-bedroom apartments. Shared perks are expected to include a fitness center, pool, and co-working space. Florida YIMBY reports that the financing was announced July 9 and characterizes the loan as the bridge from approvals into active construction. The outlet also identifies Anillo Toledo Lopez as the project’s architect and highlights the unit mix and affordability carve-out in the development plan.
Industry coverage indicates that the lender behind the deal is S3 Capital, which has reportedly committed the full $111 million construction loan for the tower. Commercial Observer flagged the financing as a pivotal step following the project’s design and permitting milestones. With a construction loan in place, developers typically move to lock in vertical permits, ramp up site work, and firm up contractor selections.
Live Local Act Incentives Shape the Plan
Sense 22 won approval from Miami’s Urban Development Review Board under Florida’s Live Local Act framework, which has been encouraging taller and denser projects in return for workforce and below-market units. The Real Deal covered the 2025 UDRB sign-off and detailed how Live Local rules provide height, density, and parking incentives that many developers now rely on to make larger projects financially feasible. Those incentives are a key reason the Sense 22 plan includes a sizable affordability set-aside in its overall unit mix.
Site History and Schedule
HA Emprendimientos, the Argentina-based developer behind the Sense brand, lists Sense 22 on its project site and says formal site work began earlier this year, pointing to a February 2026 ground-blessing ceremony as the start of on-site activity. HA Emprendimientos markets the tower as its largest U.S. project to date. Florida YIMBY’s records show the development site was acquired in 2023 and report a $4 million purchase price for the assembled parcels at 114 and 138 N.E. 22nd Street, with the new financing announcement following that earlier land buy and design approval work.
Edgewater has emerged as one of Miami’s busiest rental corridors, and trade coverage from the South Florida Business Journal and others has tracked a steady wave of Live Local and workforce-oriented projects moving through the neighborhood. South Florida Business Journal noted Sense 22’s earlier review and the subsequent permitting activity at the city level. With the construction loan now locked, the developer and lender will be watching the permitting and insurance landscape closely as they push toward vertical construction and, eventually, a stabilized, fully leased tower.
