MIAMI, FL – ZOM Living and The Moinian Group are preparing to break ground on Luma at Miami Worldcenter, a 43-tale apartment tower in the heart of Downtown Miami. Luma will be a focal point of Miami Worldcenter, the 27-acre, $4 billion mixed-use development now under construction and delivering in phases. Upon completion, Miami Worldcenter will stand as one of South Florida’s most desirable residential communities and a world-class destination for shopping and dining, culture and entertainment, and international business.

Luma will consist of 434 luxury rental units with a variety of floor plans ranging from 566 to 1,808 square feet. The residential floors have a maximum of 12 units per floor, allowing an intimate feeling in a tall slender tower that maximizes views of Biscayne Bay and the Atlantic Ocean. Located only one block from Biscayne Boulevard, the project is adjacent to the Freedom Tower Metromover stop and two blocks east of Brightline/Virgin Train’s Downtown Miami station, providing residents convenient access to MetroRail, TriRail and Brightline Florida.

Luma’s amenities will consist of over 45,000 square feet of space providing an unparalleled level of luxury in the market including a membership-grade wellness center with treatment rooms and sauna, sundry shop, speak simple, dog salon, fitness club with classroom, resort-style pool and comfortable ride share lobby. These common areas will provide a 5-star hotel-caliber experience that fosters interaction among residents and provides an urban oasis without having to leave the community. Construction will start in April. 

“Today’s urban renter demands a luxurious building with market-leading amenities and high pedestrian value, and Luma will provide all that and more,” said Greg West, Chief Executive Officer of ZOM Living. “Luma’s close proximity to parks, cultural venues, transportation and retail are unmatched in the market, and our setting within Miami Worldcenter will offer residents next-level convenience and connectivity.”

“After successfully developing the country’s largest single tower residential development Sky, which includes over 70,000 square feet of cutting-edge amenities, we are excited to expand our presence in such a cosmopolitan city like Miami, and more specifically Miami Worldcenter,” said Joseph Moinian, Founder and CEO of The Moinian Group.

Miami Worldcenter occupies 10 city blocks surrounded by some of the most exciting demand drivers in Miami, including Museum Park, home to Perez Art Museum Miami and the new Frost Museum of Science; Port Miami; American Airlines Arena; the Adrienne Arsht Performing Arts Center; Brightline/Virgin Trains’ Miami Central station; and Miami-Dade College’s Downtown campus. The development will feature 300,000 square feet of high street retail, destination dining and entertainment, more than 2,000 hotel rooms, and up to 500,000 square feet of Class A office space.

“The success of Miami Worldcenter has always been grounded in collaboration with best-in-class partners, such as ZOM Living and Moinian,” said Miami Worldcenter Managing Partner, Nitin Motwani. “Luma will kick-off the next phase of development for our city-within-a-city, delivering premium apartments that meet growing demand for urban living in Downtown Miami.”

Cushman & Wakefield’s Florida team, led by Robert Given and Robert Kaplan, secured equity and debt financing on behalf of ZOM Living and The Moinian Group.

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NEWPORT BEACH, CA – BWV W. Katella, a joint venture between Branch West Real Estate Partners of Newport Beach, California and The Bascom Group of Irvine, California, has bought a 1.1-acre parcel of land located at 1725 West Katella Avenue, Orange, California.

The site is entitled and plotted for the development of a five-tale, 94-unit mid-rise multifamily community.  Bellwether’s capital team, led by Tom Kenny and Josh Boehling, secured preferred equity from Marble Capital out of Houston, Texas and a construction senior loan from the Bank of the West for construction of the project. 

The project consists of a to-be-built five tale, 94-unit multi-family development. The project is Class A and features a courtyard with a “spool,” fitness center, club room and roof deck to observe Disneyland fireworks. The design sets itself apart from existing projects by focusing on material choice, combining sophisticated boutique-inspired gestures with a rustic industrial palette. The location is superb, adjacent to the Stadium Promenade and near the Honda Center (Ducks/NHL), Anaheim Stadium (Angels/MLB). 

The site is adjacent to the Stadium Promenade Shopping Center, which includes Cinemark Century Theatres, Starbucks, Bone idle Dog Café, King’s Fish House, Prime Cut Café, The Pint House, Ancient Crow Smokehouse, and several other well loved restaurants. The property is also in walking distance to the Honda Center (Ducks/NHL), Anaheim Stadium (Angels/MLB), and The Grove of Anaheim (entertainment venue). Walkability to retail and entertainment amenities is highly sought after in the marketplace, with very few properties offering this amenity. The property enjoys convenient access to the CA‐57, CA‐55, CA‐22, and I‐5 freeways, all accessed within a few miles of the subject. Further, the Anaheim Regional Transportation Intermodal Center (ARTIC) is located less than 1 mile west and provides rail, bus, taxi and other transportation services for daily commuters. Other nearby notable locations include: Ancient Towne Orange, Chapman University (enrollment approximately 8,500 students), Disneyland Resort area, and Main Place Shopping Center.

“We are so pleased to be working in the City of Orange whose city leaders provided the original vision for the Western Gateway into the city from the professional stadium area, the opportunity has provided us a tremendous canvas to develop a boutique residential community where residents can delight in adjacency to so many retail and entertainment venues,” Perozzi said. 

Branch West’s target market will be well-educated young professionals and couples who work in the nearby job centers, and want proximity to work, social nightlife and services. The immediate North Orange County area is home to the Anaheim Canyon Business District (72,000+ jobs), Anaheim Resort District (40,000+ jobs), and the Orange Medical Cluster (11,750+ jobs) – Orange County’s highest concentration of healthcare jobs. The Platinum Triangle is a booming and trendy location with an abundance of nearby entertainment options and proximity to the Anaheim Resort District. More specifically, the subject benefits from brilliant walkability and ease of access, compared to properties within the Platinum Triangle.

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SAN MARCOS, TX – City and state officials, along with other community stakeholders, gathered together on April 4 to celebrate the start of Mission Trail at El Camino Real, a groundbreaking new mixed-income housing community being developed by The Michaels Organization. 

Strategically located near the intersection of Highway 123 and Clovis Barker Road in the heart of the Texas Innovation Corridor between Austin and San Antonio, the new apartment community will serve the city’s growing workforce, in an area where rents have been rising steadily over the past 10 years.

“We are grateful for the warm welcome the San Marcos community has given The Michaels Organization and this vital project,” said Joseph Weatherly, Regional Vice President of Development at Michaels. “We thank the city, the state, and all our financial partners and investors for trusting us with their vision for this development, and we look forward to being a part of this community for years to come.”

Designed by Austin-based Kelly Grossman Architects, the new Mission Trail at El Camino Real will comprise 15 garden-style buildings across 30 acres, offering a total of 352 rental apartment homes. Layouts for the spacious and energy-efficient apartments will range from one to four bedrooms, and community amenities will include a large Clubhouse with pool, fitness center and business center. The community’s substantial green space will include gathering places, walking paths, and two playgrounds.

The majority of apartments will be reserved for households earning 60 percent or less of the area median income, while 10 percent of the units will be reserved for individuals and families earning less than 140 percent of the area median income. The community will also offer 35 apartments without any income restrictions.

Mayor Jane Hughson, a featured speaker at the groundbreaking ceremony, noted her Administration’s commitment to affordable housing amid the city’s rapid growth. According to a Workforce Housing needs assessment report, drafted by the city, nearly two-thirds of San Marcos’ renters are currently considered cost-burdened.

Teresa Morales, Manager of the Multifamily Bond Program, at the Texas Department of Housing & Community Affairs (TDHCA) also spoke at the groundbreaking. TDHCA allocated the federal Low Income Housing Tax Credits that were critical to the $61 million development’s financing.

“Thank you to The Michaels Organization for your vision and dedication to take this from an thought on paper to a place someone will be proud to call home,” Ms. Morales said.

Financing for Mission Trail at El Camino Real includes $15.5 million in equity raised through the sale of the tax credits and $43 million in equity raised through the sale of tax-exempt bond financing issued by the Capital Area Housing Finance Corporation. U.S. Bank is providing the construction loan and is also the LIHTC investor. Berkadia is providing permanent financing through Freddie Mac.

Michaels Construction is serving as the general contractor and Michaels Management will provide property management services, ensuring that Mission Trail at El Camino Real remains a neighborhood asset for generations.

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