The Urban Building Review Board has approved a joint venture between LNDMRK Development and Oak Row Equities for the building of 2900 Terrace, a 324-unit luxury development in Miami. The project will be open for move-ins in 2026.
According to Miami Condo Investments, the 38-story Arquitectonica-designed tower will have one-, two-, and three-bedroom layouts averaging 1,069 square feet. In addition, there will be 13,100 square feet of retail space and 22,350 square feet of office space.
The building’s facilities will span two entire floors and include a health centre with yoga studio, pet spa, sauna, and golf simulator, as well as coworking spaces with podcast studios and a content creation studio. The neighbourhood will also have a swimming pool with cabanas and a coworking patio, as well as EV charging stations and over 500 parking spots.
Details on the 2900 Terrace LNDMRK development
The residential tower is on 1.5 acres at 401 NE 29th Terrace in the Edgewater neighbourhood. It will also be located near a variety of restaurants and retail options such as The Shops at Midtown Miami and the Midtown shopping centre. The Miami Design District and Margaret Pace Park are both within a mile of the hotel, while downtown Miami is 5 miles away.
The joint venture won clearance from municipal officials in August for 2600 Biscayne, a two-tower construction that would add 399 units to Miami’s inventory. Oak Row Equities is also developing a 1 million-square-foot mixed-use project in Miami’s Wynwood Arts District, which will have 509 upmarket residences and a 12-story office structure.
According to a Yardi Matrix analysis, as of August, 5,868 units have been added to Miami’s multifamily stock year to date. The majority of them belonging to the Lifestyle sector. During the same time period, 45,673 units were under construction, with around 20,900 apartments scheduled to enter the metro’s inventory this year.