Construction at 2900 Terrace is advancing at a rapid pace in Miami’s Edgewater neighborhood, with the tower now rising through its fourth floor. Developers Oak Row Equities and LNDMRK Properties are targeting a fourth-quarter 2027 completion, as a seasoned project team, including Coastal Construction as general contractor, L&R Structural as shell contractor, and Arquitectonica as architect, maintains a vertical pace of roughly one floor every week and a half. The 32-story building will ultimately deliver 324 rental units and is expected to top out within the next few months.
Vertical work accelerated following a $210.5 million construction financing package led by Bank OZK and Canyon Partners Real Estate. Although foundation activity and crane installation were already underway prior to the ceremonial groundbreaking, progress has notably intensified since financing closed.
At completion, residences will span one- to three-bedroom layouts, featuring 10-FT ceilings, floor-to-ceiling glazing, and expansive wrap-around balconies. Planned amenities include content creation studios, a yoga and fitness center, sauna, and a resort-style pool deck with outdoor lounge areas, among other uses: creating a diverse lifestyle package geared toward luxury renters.
Permitting records with the City of Miami show the project has secured its master construction permit alongside several miscellaneous permits, including shoring and life-safety systems, clearing the path for vertical construction. The master permit also reflects 15,536 SF of ground-floor retail, a modest reduction from the more than 16,000 SF planned in earlier site plans. Retail will be complemented by a large residential lobby, an open-air plaza, and access to a 504-space structured garage.
Rising to approximately 360 FT, the tower will not rank among the tallest in Edgewater, but will stand out for its almost full-block footprint, according to construction imagery released by L&R and site plans. In fact, the total site at 401 NE 29th St will span 1.5 acres.
The project’s momentum comes as Oak Row expands its South Florida presence. The firm recently partnered with OKO Group and Mariposa Real Estate on the $520 million acquisition of a 4.25-acre waterfront assemblage in Brickell, emphasizing the developer’s growing pipeline across Miami.