# One West Twelve in October 2026: Financed, 97% Sold, 2028 Target

Published: 2026-10-19 · Updated: 2026-10-22 · Author: Jeremías Kastensmidt

_One West Twelve Residences in Overtown is financed, about 97% under contract and targeting 2028. PMG's E11EVEN and The Elser show what delivery and resale can look like._

As of October 2026, One West Twelve Residences (ONE W12) in Historic Overtown is about a year into construction, financed and close to sold out, with completion still targeted for 2028. Property Markets Group (PMG), Lion Development Group and LNDMRK Development started work on October 1, 2025, closed a $92.5 million construction loan from Maxim Capital Group in December 2025, and reported about 97% of the 372 condos under contract. We found no newer public milestone in 2026, so the 2028 date is the developers' latest stated target.

## What is being built

The 23-story, 245-foot tower is designed by CUBE 3 and built by John Moriarty & Associates at 113 NW 11th Terrace, near MiamiCentral Station. Most of the 372 homes are studios and one-bedrooms, with a small set of one-, two- and three-bedroom townhomes. The ground floor is planned for Vibe BBQ, a quick-serve barbecue concept from chef Marcus Samuelsson. The developers market the building with short-term rental flexibility, a feature that shapes who buys and how the building is run.

## What is left to buy

Very little from the developer. With about 97% under contract before the loan closed, most buyers who want a unit will end up shopping resales or assignments closer to 2028. No current developer price list has been published by the outlets that covered the groundbreaking and financing.

## What PMG's recent deliveries show

PMG has two recent rental-flexible towers in {{neighborhood:downtown}}, and Own.Miami's records show what happens when a presold building like this delivers.

{{building:e11even-hotel-and-residences}}, completed in 2026, recorded 417 developer first-sale deeds starting in March 2026. Its buyers had bank financing available: Own.Miami counts 139 regulated-lender loans there in the last 12 months, with down payments as low as 3.5%. It now has 73 resale listings asking a median $1,473 per square foot.

{{building:the-elser}}, delivered in 2023, shows the resale stage. It has 63 active listings asking a median $1,481 per square foot, while its 24 MLS closings in the last 12 months settled at a median $1,106 per square foot. Asking and closing prices in that building sit far apart.

## Why it matters for buyers and owners

If you are under contract at ONE W12, your closing will land in a Downtown market that today is heavily supplied. Own.Miami's Downtown market report, as of October 13, 2026, shows 923 condos for sale, 30.1 months of supply and a median sold price of $587 per square foot across 368 closings in the last 12 months. About 37.8% of listings have taken a price cut.

Two practical points follow. First, plan the closing loan early: the E11EVEN numbers show lenders will finance a new rental-flexible building, but terms vary building by building. Second, if you intend to resell at delivery, the gap between asking and closing prices at The Elser is a better guide than any list price, because many owners in a 372-unit, mostly studio and one-bedroom building could be listing at once.

{{chart:neighborhood_ppsf downtown}}


## Sources

- PMG Lands $93M to Build Luxe Condo In Miami's Overtown Neighborhood: https://commercialobserver.com/2025/12/pmg-one-west-twelve-residences-overtown-miami/
- PMG Lands $92.5M Loan for Miami Condo Tower: https://www.constructionowners.com/news/pmg-lands-92-5m-loan-for-miami-condo-tower
- One West Twelve Residences Breaks Ground In Miami's Historic Overtown: https://floridayimby.com/2025/10/one-west-twelve-residences-breaks-ground-in-miamis-historic-overtown.html
- PMG, Lion Development Group and LNDMRK Development Break Ground on One West Twelve Residences: https://profilemiami.com/miamirealestate/2025/10/28/pmg-lion-development-group-and-lndmrk-development-break-ground-on-one-west-twelve-residences-in-downtown-miami

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Source: Own.Miami — https://own.miami · data as of 2026-10-22
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