ZOM, a major apartment developer, expects to break ground this month on two luxury apartment projects in Miami-Dade, one in North Bay Village and a second in Doral.
ZOM, which is headquartered in Orlando and has an office in Fort Lauderdale, plans to build a 285-unit, class AA — i.e., pricier — luxury rental-apartment community called “North Bay Village” on a 4.5-acre peninsula overlooking Biscayne Bay in North Bay Village.
The other new rental project will be a 249-unit class AA luxury apartment building called “Bel Air at Doral” on a 4.2-acre lakefront site next to Trump National Doral Miami golf resort in Doral.
ZOM is among a host of developers who are pushing ahead with rental apartment projects in South Florida and elsewhere amid strong consumer demand for rentals and a robust appetite from institutional investors such as insurance companies and pension funds.
In Doral, ZOM said its eight-story, Mediterranean-style apartment building will include views of a lake and of the Great White and Blue Monster courses. The Doral site was previously intended to become a second phase of a Marriott timeshare development, ZOM said. The apartments will range in size from 755 square feet to 1,607 square feet with 27 floor plans.
ZOM said it is developing the Doral project through a joint venture with an affiliate of General Investment & Development Companies, a large, private real estate firm that controls a portfolio of 86 properties in 16 states.
In North Bay Village, ZOM plans an eight-story building along 1,400 feet of waterfront on West Drive on the western island. ZOM described the architectural style as a modern interpretation of old Miami Beach, with influences from the Art Deco period and the early 1950s.
ZOM is developing the North Bay Village project through a joint venture with Clarion Partners, a large New York-based real estate investment management firm.
Greg West, chief development officer for ZOM, which currently has more than 3,000 units in development, said construction at the Doral and North Bay Village sites should be completed in about 20 months.