Luxury Edgewater Rental Tower Construction Progressed
The 114-unit FiveSixty Waterfront Residences plans to open for residents in the spring of 2027.
Updated on Oct. 13, 2026 in Apartments
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Renters in the market for high-end units in Edgewater will see a new 38-story tower rise at 560 Northeast 34th Street. Aimco has tapped the Serhant brokerage to handle marketing and leasing for the 114-unit project.
Why it matters
The development arrives as the local market navigates shifts in population and housing demand. While the building targets the high-end renter, it enters a landscape that saw a net loss of 21,400 tax filers across Miami-Dade County in 2023.
The tower secured $228 million in construction financing, consisting of a $172 million loan from Apollo Global Management and $56 million in preferred equity from Sixth Street. Units will span 2,300 to 3,000 square feet with monthly rents starting at $15,000.
The players
Aimco
The real estate investment trust managing the development of the tower.
Serhant
The brokerage firm selected to handle leasing and marketing for the property.
Apollo Global Management
The investment firm that provided a $172 million construction loan for the project.
Sixth Street
The firm that contributed $56 million in preferred equity for the building.
The details
The building, which broke ground in late 2024, will prohibit short-term rentals to focus on long-term residents. Amenities at the site include a private marina, a padel court, and dedicated executive suites for residents. Aimco selected Serhant for the leasing process following a competitive bid. Construction is ongoing, with move-ins slated to begin in spring 2027 and a waterfront restaurant expected to follow later that year or in early 2028.
Timeline
2022: Aimco announced the Edgewater project.
Q3 2024: The building site broke ground.
2023: Miami-Dade County recorded a net loss of 21,400 tax filers.
Spring 2027: Initial residential move-ins are expected.
Late 2027 or early 2028: The waterfront restaurant is scheduled to open.
Beyond the 305
This project enters a market shaped by the 2023 IRS data on net migration of tax filers in Miami-Dade County, which recorded a net loss of 21,400 filers. The tower's luxury focus contrasts with regional population trends, even as the average income of incoming filers remains higher than those leaving.
Edgewater residents should anticipate continued construction activity at 560 Northeast 34th Street through early 2027. Those interested in the high-end rental market can expect the building to maintain a long-term residential focus with no short-term rental availability.
The takeaway
The addition of this tower signals a continued commitment to high-end residential supply in Edgewater. Neighbors should watch for site progress and the eventual opening of the development's public-facing waterfront restaurant in late 2027 or early 2028.
Further reading
For more on how new construction is shifting the local market, visit our Apartments section.
Source note: This article includes information reported by The Real Deal New York.
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