Miami’s Aria Development Group is partnering with Kuwait Real Estate Company AQARAT to build a new 40-story hotel and residential tower in downtown Miami.
The 360,000-square-foot project will be located at 227 NE 2nd Street, on a site where Loft III was once planned. It is situated in between Loft I and Loft II, just west of the Vizcayne condos.
Between 100 and 110 rental units consisting of Studio, one-bedroom and two-bedroom apartments will be targeted at students and working professionals. A 250-room hotel will be operated by Yotel, known for micro-sized rooms.
AQARAT owns a 51% stake in the project. Construction is estimated to be between 18-24 months, with completion in 2017.