Adler, Encore Housing, Fifteen Group form joint venture to build rental tower
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. — Eric Kalis
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