A Buenos Aires-based developer has secured more than $111 million to break ground on a towering mixed-income residential project in Miami's Edgewater neighborhood, anchoring a broader $368 million round of South Florida construction financing that signals sustained lender appetite for the region's real estate market.

What is the Sense22 tower and how is it being financed?

HA Emprendimientos, an Argentine development firm, obtained a $111 million construction loan from New York-based lender S3 Capital for Sense22, a 36-story tower planned for the Edgewater waterfront corridor. The project will deliver 328 residential units, with 40 percent designated as affordable housing under Florida's Live Local Act — a state law that grants developers height and density bonuses in exchange for below-market-rate units.

  • The arrangement allows the tower to rise well above what local zoning would otherwise permit.
  • The trade-off has become increasingly common along Miami's bayfront neighborhoods.
  • The Edgewater deal was the largest single transaction in the $368 million package.

What other South Florida projects were part of the broader financing round?

Fort Lauderdale-focused developer Dependable Equities landed a $54 million pre-construction loan for a large-scale luxury residential development designed by the internationally recognized architecture firm ODA, while Deerfield Beach-based real estate firm Grover Corlew secured a $30 million loan from BankUnited for an office complex in Deerfield Beach. Together these transactions round out a $368 million package spanning multiple South Florida projects.

  • Dependable Equities' project is slated to produce two towers with a combined 1,460 units in Fort Lauderdale.
  • Grover Corlew's office complex spans roughly 223,700 square feet in Deerfield Beach.
  • The office deal is a relative outlier in an otherwise residential-heavy deal slate.

What does this financing activity say about South Florida's lending environment?

Taken together, the transactions reflect a regional lending environment that remains notably active compared to other major U.S. metros, where tighter credit conditions have slowed construction starts. South Florida's multifamily fundamentals — driven by continued population growth and a persistent shortage of both market-rate and workforce housing — continue to attract capital from domestic and international sources alike.

What does the Sense22 financing mean for Edgewater, and what questions remain?

The Sense22 financing adds to a stretch of high-rise development that has transformed Edgewater over the past decade from an industrial backwater into one of Miami's most densely developed residential corridors. Whether 40 percent affordable units at a luxury tower truly serves the neighborhood's working-class residents or primarily satisfies a zoning checkbox remains a question local advocates have pressed on similar projects.

The original reporting was published by The Real Deal Miami.