PMG Lands $93M to Build Luxe Condo in Miami’s Overtown Neighborhood
By Julia Echikson December 16, 2025 1:29 pm
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A development team led by PMG secured $92.5 million to build a luxury condo tower in Overtown, Miami’s historically Black neighborhood.
The construction financing from Maxim Capital Group will fund the 372-unit One West Twelve Residences. The development team also includes Michael Simkins’s Lion Development Group and Alex Karakhanian‘s LNDMRK Development.
The 23-story project will rise at 113 NW 11th Terrace, two blocks south of Interstate 395, northwest of Downtown Miami. Construction, which got underway last month, is expected to be completed in 2028. About 97 percent of the condos are already under contract, according to the developers.
On the ground floor, James Beard-winning chef Marcus Samuelsson, who operates the Red Rooster restaurant nearby, will open a quick-serve barbecue restaurant called Vibe BBQ.
One West Twelve Residences marks the latest development in Overtown, a once vibrant neighborhood dubbed by some as the “Harlem of the South.” Overtown was devastated in the 1960s by the construction of I-395, which cut through the center of the neighborhood.
Earlier this year, PMG and Lion Development Group obtained a $215 million construction loan for a 44-story condo tower about a block east of One West Twelve Residences. On the same street, the pair have completed one condo high-rise branded after the E11even nightclub, which Simkins co-owns, and are building another.
Julia Echikson can be reached at jechikson@commercialobserver.com.
