South Florida developers Adler Development, Encore Housing Opportunity Fund and Fifteen Group are teaming up to build a rental apartment tower in Miami’s Midtown neighborhood.
The companies formed a joint venture to develop Midtown 29 at 190 Northeast 29th Street, according to a written statement released on Tuesday. Plans call for about 300 apartments, with a mix of studios and one, two and three-bedroom units. Retail space would be located on the ground floor. A lack of luxury rental product in the Midtown area is a major reason why the venture is not building condos instead, according to the statement. Encore’s principals are also part of the team developing the massive Miami Worldcenter mixed-use project planned in the downtown area.