Oak Row, LNDMRK Top Out 2900 Terrace Tower in Edgewater
A concrete pace of 1.5 floors a week without overtime is a live comp for developers underwriting their own tower schedules and carry.
Oak Row Equities and LNDMRK Development topped out 2900 Terrace, a 32-story, 324-unit rental tower at 401 NE 29th Street in Edgewater, on August 31, nearly three months ahead of schedule. The Arquitectonica-designed building rises 362 feet, with Coastal Construction as general contractor, and is targeting Q4 2027 completion.
Why it matters
A 32-story tower in Miami beating its own schedule by close to three months is a rare, verifiable data point for developers pricing construction risk right now. Concrete crews on 2900 Terrace averaged 1.5 floors per week without extended working hours, a pace that project manager John Ellerman credited to the structural and MEP trades on the decks and to structural engineer Adrian De Los Reyes. For any developer underwriting a similarly scaled high-rise, that cycle time is a fresh benchmark against which to test their own GC’s bid and their carry-cost assumptions. Schedules that run ahead rather than behind also cut interest carry on construction debt, which matters more in a market where financing costs remain the biggest swing factor in a deal’s return.
The numbers
The project carries 324 rental units across 32 stories and 362 feet, with 15,536 square feet of ground-floor retail and 504 parking spaces. Oak Row and LNDMRK secured $210.5 million in construction financing in 2025, made up of a $142.5 million senior loan from Bank OZK and $68 million in mezzanine debt from Canyon Partners Real Estate. The 1.5-floors-per-week concrete pace held through the deck pours that got the tower topped out roughly three months early.
What’s next
With the structure topped out, the team turns to envelope, interior buildout and the retail podium ahead of a targeted Q4 2027 delivery. Coastal Construction’s execution on this site gives developers evaluating GCs for other Edgewater and broader Miami high-rise projects a concrete, publicly verified cycle-time comparison as they build their own schedules and financing packages.