The Rider Residences breaks ground; Miami sees wallet-to-wallet Bitcoin condo sale

Miami, FL, October 3, 2025

News Summary

The Rider Residences, a 12-story, 146-unit condominium between Midtown Miami and Wynwood, has broken ground after securing a $90 million construction loan from Banco Inbursa arranged by a Franklin Street adviser. The project includes about 11,000 sq ft of retail, furnished studios through penthouses, and extensive amenities such as a rooftop pool, wellness spa and a ‘Toybox’ of vehicles. Developers reported Miami’s first direct wallet-to-wallet Bitcoin residential sale and launched crypto-friendly financing, including crypto-collateralized deposit loans and planned post-construction mortgage products. Beauchamp Construction is the general contractor and design draws on loft-inspired and 1970s retro-modern interiors.

Rilea Group and Ciprés Break Ground on The Rider Residences; $90M Loan and Miami’s First Wallet‑to‑Wallet Bitcoin Condo Sale Recorded

Developers Rilea Group and Ciprés officially began work this year on The Rider Residences, a planned 12‑story condominium that will contain 146 units and about 11,000 square feet of ground‑floor retail. Construction financing includes a $90 million construction loan from a Mexican bank, arranged by a lending specialist working through a brokerage firm. Separately, the project has completed what has been described as the city’s first direct wallet‑to‑wallet Bitcoin residential sale, and the development has rolled out a crypto‑linked financing program for buyers.

What’s happening now

Ground‑breaking took place in February, with vertical construction expected to begin in the coming months. The joint venture has given two delivery windows in public filings and statements: one target points to late 2026, while another notes completion in 2027. A general contractor has been engaged to manage on‑site work.

Financing and recent land transactions

A $90 million construction loan from a Mexican bank is funding the build; a financing adviser arranged that loan. The development sits on a 0.6‑acre lot at 94 and 100 Northeast 29th Street and 101 Northeast 28th Street, a site purchased in 2021 for $12.2 million when Rilea and a partner owned the parcel. Last year, Rilea bought out that partner for $21 million, financing the transaction with an $11.5 million mortgage from a Miami‑based lender.

Design, units and finishes

The architect and façade design firm on the project are Miami‑based. The building’s exterior blends exposed brick, steel and concrete with design cues drawn from Chicago lofts and New York’s SoHo and Meatpacking districts. Interiors are being handled by a dedicated design studio with a retro‑modern, 1970s‑inspired theme that uses bold colors, textured fabrics and glass balcony detailing.

The Rider will offer a mix of fully furnished studios, one‑, two‑ and three‑bedroom residences and penthouses. Standard features include open layouts, gourmet kitchens with branded appliances and custom cabinetry, spa‑style primary bathrooms, smart home systems and floor‑to‑ceiling windows.

Pricing, sales and rental rules

Reported price ranges vary across sources: one set of figures places prices from the mid‑$400,000s to roughly $1.8 million, while another report lists prices ranging from about $500,000 up to more than $2.5 million. Sales are being handled by a Miami brokerage firm; the marketing emphasis includes positioning units for short‑term rental use. The building will allow owners to enroll units in a rental program or manage rentals themselves, with no building rental cap.

Crypto transactions and buyer financing

The Rider has been promoted as crypto‑friendly and has completed a direct wallet‑to‑wallet Bitcoin sale. That transaction involved an east‑facing studio with 391 square feet of interior space plus a 133‑square‑foot private terrace, sold for $528,900 — roughly $1,353 per interior square foot — and settled via a regulated cryptocurrency exchange in a direct wallet transfer that bypassed intermediary conversion steps. The sale was handled in‑house by a team from the listing brokerage.

In tandem with crypto sales, the project unveiled a strategic partnership with a Wynwood‑based crypto mortgage lender. That lender offers a two‑stage product: a crypto‑collateralized loan that lets buyers use Bitcoin or other digital assets as collateral to fund a 40% pre‑construction deposit while keeping ownership of their crypto, followed by a traditional mortgage‑style product after completion — a 30‑year crypto mortgage that can finance up to 100% of the purchase price at closing. The initial deposit loans are advertised with interest rates in the high single digits.

Amenities, services and connectivity

Building amenities will include a lobby café; rooftop resort‑style pool deck with dining and a speakeasy; a hi‑fi listening lounge; a pet spa; a fitness center equipped with Peloton and Technogym gear; a wellness spa with cold plunge pools, IV therapy and a Turkish Hammam; a 24‑hour valet; EV charging stations; and private garage access. A unique feature called the “Toybox” will provide in‑house motorcycles, scooters and electric bikes for resident use.

The site sits less than a block from a planned high‑speed rail station on NE 27th Street that is part of a regional car‑free transit network linking Miami to points north. Less than a block away, the developer also has a nearby project planned: a 12‑story residential building with roughly 300 apartments and substantial ground‑floor retail and office space, targeting completion later in the decade.

Contractors and teams

The general contractor on the project is a local construction firm. Sales are being managed by a Miami brokerage led by a local industry executive. A small in‑house sales team handled the wallet‑to‑wallet crypto sale.

Why this matters

The Rider combines traditional construction financing with experimental, crypto‑oriented payment and lending options. The project’s completed direct wallet transaction and the availability of crypto‑collateralized deposit financing create a practical precedent for buyers seeking to use digital assets in real estate purchases without converting to cash first.

FAQ

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Key project features

Deeper Dive: News & Info About This Topic

Additional Resources

• The Real Deal: Developers secure $90M loan for Miami condo project
• Wikipedia: The Rider Residences
• Profile MiamiRE: Rilea Group and CIPRS break ground on The Rider Residences
• Google Search: The Rider Residences Wynwood groundbreaking
• Florida YIMBY: First direct wallet-to-wallet cryptocurrency real estate sale at The Rider
• Google Scholar: wallet-to-wallet Bitcoin real estate sale Miami
• Profile MiamiRE: The Rider and Wynwood-based crypto lender unveil crypto-backed financing
• Encyclopedia Britannica: cryptocurrency mortgage real estate
• Community Newspapers: Record $1.19M sale of retail space at The Rider Residences
• Google News: The Rider Residences retail sale Miami

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