Florida’s development pipeline swelled on 10 July as four separate multifamily projects advanced in Miami-Dade, Palm Beach and Pinellas counties, underscoring continued demand for rental housing and the incentives offered by the state’s Live Local Act. In Miami, Midtown Capital Partners filed plans for a 22-story, 348-unit building on Northeast Second Avenue in Little River. The proposal, which will go before the city’s Urban Development Review Board on 16 July, sets aside 40 % of its apartments for households earning up to 120 % of area median income, meeting the Live Local Act’s workforce-housing threshold. Atlantic Pacific also submitted designs for 375 apartments in the second phase of its mixed-use complex next to the Culmer Metrorail Station, extending a cluster of transit-oriented projects rising around downtown. On the Gulf Coast, St. Pete-based Stadler Development lodged plans for a US$134 million, 20-story tower with 370 units, 3,819 sq ft of ground-floor retail and a 485-space garage. The project would replace seven 1920s-era apartment buildings within the city’s National Register Historic District, triggering a density-bonus request for additional height and floor-area ratio. Separately, an unnamed developer broke ground on a Lake Worth Beach complex after securing a US$22.5 million construction loan. The financing will support a mix of market-rate and workforce apartments, further illustrating lenders’ willingness to back multifamily deals despite higher borrowing costs.
"Seven small apt buildings in downtown St. Pete could soon be demolished to make way for a 20-story apartment tower. Stadler Dev. has submitted plans for a $134 million tower with 370 apartments, 3,819 SF of ground-floor retail, and a 485-space garage." https://t.co/3pjRkZrZt9 https://t.co/7DIyuihz0g
20-story, $134 million apartment tower proposed for 5th Avenue North in downtown St. Pete 🏗️🏢 https://t.co/3pjRkZrrDB
Atlantic Pacific proposes 375 apartments for 2nd phase of project near Culmer Metrorail Station in Miami https://t.co/RnZGFPk4Tk