Luxury Edgewater Rental Project Has Secured Financing
The 114-unit tower targeting Miami renters features monthly leases starting at $15,000.
Updated on Oct. 13, 2026 in Apartments
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The FiveSixty Waterfront Residences plus Club, a 38-story tower currently under construction in the Edgewater neighborhood, has finalized $228 million in financing. The project is expected to begin welcoming its first residents in spring 2027.
Why it matters
This development represents a high-end addition to the local rental market despite broader migration shifts in the region. It highlights continued institutional investment in large-scale luxury residential projects in Miami.
The tower is funded by $172 million from Apollo Global Management and $56 million from Sixth Street. Units range from 2,300 to 3,000 square feet, with monthly rents spanning $15,000 to over $25,000.
The players
Aimco
A real estate investment trust that develops and manages apartment communities for long-term renters.
Serhant
A luxury real estate brokerage firm managing the marketing and leasing process for new residential developments.
Apollo Global Management
A global alternative investment firm that provides large-scale financing and debt products for commercial real estate projects.
Sixth Street
An investment firm that provides capital, including preferred equity, to support development projects.
The details
Aimco, which selected Serhant for leasing and marketing, is building the tower at 560 Northeast 34th Street. The property is designed for long-term residency, explicitly excluding short-term rental options. Amenities will include a private marina, a padel court, and executive suites to serve the high-end rental segment.
Timeline
Construction on the tower broke ground in the third quarter of 2024.
Initial move-ins are currently projected for spring 2027.
The on-site waterfront restaurant is expected to open in late 2027 or early 2028.
Money Landscape
The project aligns with luxury development trends in Miami, even as the local market navigates a 2023 net loss of 21,400 tax filers. Developers are positioning this tower against a backdrop of shifting regional migration patterns.
Renters in the luxury market should monitor lease pricing in the Edgewater area as this inventory comes online in 2027. Households evaluating high-end leases should confirm all building restrictions, such as the prohibition on short-term rentals, before committing to long-term agreements.
The takeaway
High-end development remains an active sector of the local real estate market, targeting a specific niche of luxury long-term residents. When considering premium housing, always review the building amenities and policy documentation to ensure they align with your long-term budget and lifestyle needs.
Further reading
For broader trends in the regional rental market, read more in our Apartments section.
Source note: This article includes information reported by The Real Deal New York.
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