Developers Mast Capital and Rockpoint topped off an apartment project in Miami Beach less than a year after starting construction as builders look to take advantage of demand in a land-scarce area.

Located at 3900 Alton Road, the nine-story, 178-unit apartment complex broke ground in February and is expected to complete its first units in fall 2024. Financing for the project’s construction was provided by a $64 million loan from PNC Bank.

According to the developers, the high-end rental project marks a departure from the typical development seen on the barrier island. “Given the lack of available land in Miami Beach and the land trade value, most new developments in prime locations on Miami Beach consist of for-sale product," Camilo Miguel Jr., founder and CEO of Mast Capital, said in a press release.

Highlighting the creativity developers need to construct new buildings, as well as the scarcity of available land in the 15-square-mile city, 3900 Alton sits on a triangular pocket between Alton Road and the southern on-ramp to Interstate 195/State Road 112, which weaves around the back of the project. The new tower will be one of the first buildings drivers see as they enter the island.

3900 Alton was designed by locally based Arquitectonica and includes studio, one-, two- and three-bedroom apartments spanning between 560 square feet to 1,410 square feet. Amenities and design elements include wrap-around balconies with glass railings, floor-to-ceiling glazing, porcelain floors and Italian cabinetry. The complex also comes equipped with an elevated pool deck, a barbecue area, fitness and yoga studios, coworking spaces, a pet-washing station and an outdoor gaming area.

Dan Domb, managing member at Rockpoint, noted in the release that the local market continues to exhibit high demand and remains supply constrained. Much of the island already is devoted to single-family houses or protected by historic preservation regulations, limiting opportunities for new development.