June 14, 2016 07:00AM
By Katherine Kallergis
Orlando-based apartment developer Zom has bought into Met Square, the final phase of MDM’s Metropolitan Miami project, and closed a $101 million loan for the tower.
Records show Zom paid $17.6 million for its portion of the property at 300 Southeast Third Street in downtown Miami.
SE 3rd Street Miami Apartments Investors LLC, an entity controlled by Zom’s Samuel C. Stephens III, closed on the property and financing. The lender is an affiliate of UBS Realty Investors.
Met Square, which broke ground last summer, is the fourth phase of the Met project. When it’s completed, the property will include an 80,000-square-foot, 17-screen Silverspot Cinema on the third through sixth floors; retail and restaurant space on the first and second floors; and a 43-story, 391-unit apartment tower. It will also feature a history museum and Tequesta displays, after developers found artifacts from the Native American tribe in the construction site.
The rental tower, Avant at Met Square, has an estimated delivery date of the first quarter of 2018, according to Zom’s website. The project will offer 24-hour valet service and a eighth floor amenity deck with a resort-style pool and wellness center.
Previous phases of MDM’s Metropolitan Miami project include Met 1, a mixed-use condo tower; Met 2, the JW Marriott Marquis Miami, Hotel Beaux Arts Miami, db Bistro Moderne and Wells Fargo Financial Center; and Met 3, a mixed-use apartment tower (also developed by Zom) with a Whole Foods Market.
The Met developments were designed by architecture firm NBWW (Nichols Brosch Wurst Wolfe & Associates, Inc.) in Coral Gables, FL.
Read from the Source: The Real Deal Met Miami Project | Zom | MDM Development Group