Today, a Miami-based development and construction company DLT Cymbal Companies closed a $17.5 million loan from New Wave Loans to recapitalize its development of an eight-story, 203-unit, multi-family residential project at 3452-3470 North Miami Avenue in Midtown. The 1.5 acre site, currently the headquarters of Cymbal DLT, is located a few blocks from the Miami Design District and Wynwood. The refinancing allows Cymbal DLT to buy out its partner, take over the project and prepare the project.
Cymbal DLT recruited world-renowned architect Enrique Norten, founder and director of the internationally renowned Mexican architecture firm Ten architects, to design the new project. Cymbal has worked with Norten for over a decade, most recently completing an architecturally significant mixed-use project in the Miami Design District.
“Our goal is to make premium design accessible to tenants,” said Asi Cymbal, president of Cymbal DLT Companies. “Typically, you would experience this level of design in a high-end condominium project or an art museum. We want to bring that same level of quality and design to a rental community.
Although details of the new 350,000 square foot market-priced property are still in their infancy, Cymbal says to expect the same unique blend of design, art, well-being, technology and sustainability. of world class that it infuses in all their developments. For example, the project will include state-of-the-art features such as hands-free access to units, noise attenuation elements, and air purification, sterilization and ionization systems that are 99% effective against the COVID. Other amenities include a rooftop pool and bar and plenty of green space.
The ground floor will feature multiple retail spaces, many of which will be occupied by the same tenants currently leasing space on the property. In fact, the new property will be strategically built around current tenant The Sylvester, a popular neighborhood cocktail bar from the owners of hot spot Wynwood Beaker & Gray. Other retailers that will remain include Saccaro, a Brazilian high-end furniture company (tenant for more than 10 years); Dāek Thai Eatery, a popular Asian restaurant; and a ghost kitchen location for REEF Neighborhood Kitchens.
In keeping with Cymbal DLT’s commitment to art and artists, the Midtown Project will also offer an Artist-in-Residence program, inviting up-and-coming artists from all professional backgrounds, demographics, career stages and artistic styles to live and to work for free. . The program will be similar to the artist-in-residence program at Oasis Pointe Residences, the 2.4-acre, 301-unit Cymbal DLT apartment complex in Dania Beach that welcomed its first residents this month. The program’s first artist, Lesia Khomenko, is a Ukrainian author of paintings, installations, performances and videos; through the program, Khomenko was able to move to the United States with her daughter to complete a full-time residency at Oasis Pointe.
The Midtown project, which is slated to start in late 2023, is just one of Cymbal DLT’s more than $2 billion projects currently underway – a number Cymbal expects to triple by the end of next year. . This is also the first time that Cymbal DLT has demolished a newly constructed building to pave the way for a brand new project.
Upon completion, Cymbal DLT will have a satellite office at the Midtown location. It plans to move its permanent headquarters to its new billion-dollar waterfront neighborhood in downtown Fort Lauderdale, the aptly named Riverwalk Raintree Residences, slated to open by 2025. In the meantime, a headquarters temporary will be installed at Oasis Pointe.
For more information, visit cymballt.com.