With the strong resurgence of the multifamily market, ZOM starts development on a $73M, 285 unit luxury waterfront community in North Miami-Dade County
ZOM, a leading luxury multifamily real estate developer, breaks ground this month on North Bay Village, a 285-unit class AA luxury apartment rental community situated on a 4.5-acre peninsula with over 1400 lineal feet of waterfront overlooking the expansive Biscayne Bay in North Miami Beach.
Setting a new standard for luxury apartment living, this project will offer the most expansive and cutting edge amenity package in the market,delivering design-driven, high-finish living spaces, housed in an iconic 8-story mid-rise building.
According to Greg West, ZOM’s Chief Development Officer, “Positive dynamics, such as strong employment growth and an unserved demand for a luxury rental apartment product, are creating incredible opportunities to deliver well-conceived, thoughtfully designed rental apartments in South Florida.”
At North Bay Village, the architecture is a modern interpretation of Miami Beach’s high-style years, from the era of jazzy, more traditionally streamlined Art Deco hotels developed in the 1930s to the more vibrant early 1950s, when architects like Morris Lapidus produced such flamboyant projects as the Fountainebleau Hotel. North Bay Village’s dramatic exterior will be articulated with bold geometric motifs, often with curvilinear forms, and accented with bold colors. North Bay Village is being developed through a joint venture with Clarion Partners.
“The Miami multifamily market has recovered dramatically and is one of the most attractive submarkets in the country with apartments in great demand. With its dramatic views and great access, we view the project as a terrific development, and a great opportunity to create value for our clients,” added Marc Deluca, Managing Director at Clarion Partners.
KAST Construction will serve as general contractor and ZRS Management, LLC has been retained to provide property management services.
ZOM is one of the most highly regarded luxury multifamily developers in the United States, and has joint ventured or directly developed over 12,000 apartment units nationwide, with an aggregate value in excess of $2 billion. Throughout its 30 year history, ZOM has garnered more than 100 industry awards including recognition for project design and development expertise. ZOM was awarded the highly coveted Pillars of the Industry award by the National Association of Homebuilders for developing the “Best Garden Apartment Community” in 2010. ZOM is headquartered in Orlando and has regional development offices in Fort Lauderdale, Dallas, and Washington D.C. ZOM currently has over 3,000 units in development. For more information on ZOM’s multifamily portfolio, visit www.zomusa.com.
About Clarion Partners:
Clarion Partners has been a leading U.S. real estate investment manager for over 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England, as well as a presence in Mexico. With more than $28 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com