PMG, a national investment, development and asset management firm, formed a partnership with Sentral, a prop-tech company, to create the world’s largest flexible living community. The collaboration will develop a two-phase, 803-unit multifamily community with more than 15,000 square feet of retail space in Miami’s Brickell neighborhood. The site acquisition at 130 SW 8th St. will be Sentral and PMG’s first partnership, as well as Sentral’s first purpose-built development as part of the brand’s national expansion. Phase one includes a 46-story tower with 570 units and will break ground in late 2022, with completion slated in late 2024. Phase two will consist of a 31-story building with 233 units.
“At PMG, we pride ourselves on being at the forefront of innovative multifamily development, so our vision for this property naturally aligned with Sentral’s unique model of flexible living,” Ryan Shear says, Managing Partner at PMG. “We are confident this development will be a great addition to the neighborhood by providing a range of high-quality residences and short-term accommodations. As Miami’s financial district, Brickell is one of the city’s most desirable destinations and one in which we’ve had success developing previously. We are excited to partner with Sentral to bring a fresh perspective on residential living to the area and offer future residents a walkable environment in the center of it all.”
The dual-tower multifamily development is designed by Sieger Suarez Architects in collaboration with the team at Sentral. The property will include an expansive lobby lounge with a concierge, a state-of-the-art fitness center, multiple co-working spaces, pool decks on both the 13th and 31st floors and a parking garage. The building will be managed by Sentral and will offer their distinctive style of residential living for any length of stay.
“With the success of our Sentral Wynwood community, we wanted to expand our Miami footprint and bring the Sentral brand to the vibrant Brickell neighborhood,” Jon Slavet says, Chief Executive Officer at Sentral. “We’re excited to partner with PMG on this project, as they are one of the nation’s top developers and have a deep understanding of and affinity for the South Florida market. We look forward to collaborating with PMG on this new development and to expanding our innovative, flexible living concept to the Brickell neighborhood.”
Saul Ewing Arnstein & Lehr attorneys Luis Flores and Sophia Rub represented the venture in closing the property acquisition.
“This transaction speaks to the strength of the PMG-Sentral partnership in acquiring prime real estate in one of the most sought-after housing markets in the U.S.,” Luis Flores says, who previously represented PMG in acquiring a Brickell site now home to Echo Brickell. “The development of this project will help address the growing demand for housing in the Brickell area, which is seeing an unprecedented influx of companies and residents relocating from all over the world.”