Spotlight on Community: Monarc at Met 3
Monarc at Met 3 is located on an entire city block in the heart of downtown Miami’s Central Business District. Its apartment homes sit atop a ground level Whole Foods grocery store and its location, surrounded by employment, restaurants and night-life, awards the project a Walk Score of 99 and a Transit Score of 100.
The target market is working professionals that form a bohemian mix of urban achievers. More than 50% of residents in the area are renters with a median age of 34. There are 90,000 jobs within a 3-mile radius and an average household income in excess of $100,000.
This project is a part of Metropolitan Miami, a mixed-use master-planned development which includes:
- Phase 1 – 40-story,447 unit condo tower
- Phase 2 – 41-story JW Marriott Marquis and 47-story, 752,000 square foot Wells Fargo Center office tower
- Phase 3 – 32-story,462 unit apartment tower with a 1,800 space parking garage and 41,000 square foot ground floor Whole Foods grocery store
- Phase 4 – Silverspot Cinema including IMAX screen with high-end ground and second floor restaurants and a 43-story, 391 unit apartment tower
This plan and subsequent development has transformed the core of Downtown Miami’s Central Business District. On-site leasing began in early April 2016 and since then the site has seen 576 pieces of traffic resulting in 193 leases. Current achieved rents ($3.24/per square foot) exceed initial rent projections by $435/month or $.48 per square foot. Rent levels far exceed internal projections and are 16 percent higher than any competitor in Miami Dade County.
Monarc at MET 3 is delivering a new level of urban living for the emerging ‘renter by choice’ segment of our population. First rate project amenities both inside and out that are equaled by a level of service typically associated with more metropolitan cities, will attract sophisticated residents who want to live downtown but until now could not find a home that suited their progressive lifestyle. Monarc at MET 3 has become the new standard of luxury rental living and will long be considered a standout among the catalysts that lead Miami’s advancement into a truly International City.