Upcoming Miami Developments: New Towers and Affordable Housing Projects

Miami is gearing up for a series of exciting real estate developments, including a new condo tower and multiple residential projects aimed at enhancing community living.

Key Projects Awaiting Approval

At the forefront of Miami’s development scene, three significant projects are set to be reviewed by the Urban Development Review Committee this Wednesday:

1. Aria Reserve Condo Complex Expansion:

   • Developer: Melo Group
   • Location: 500 Northeast 24th Street, Edgewater
   • Details:
     • A proposed 50-story condo tower with 430 units.
     • This will be the third tower in the Aria Reserve complex, which already includes a completed 62-story tower and one under construction, totaling nearly 800 condos.
     • The new building aims to incorporate 62,200 square feet of office space, parking, amenities, and ground-floor retail.

2. Biscayne 18 Apartment Project:

   • Developer: Melo Group
   • Location: 1825 Biscayne Boulevard, Edgewater
   • Details:
     • The project features 1,178 units in a pair of 46-story towers.
     • Positioned near Margaret Pace Park, it promises to enhance living options with just under 600 apartments in each tower.
3. Live Local Act Proposal:
   • Developer: Bazbaz Development
   • Location: 70 Northwest 36 Street, Wynwood Norte
   • Details:
     • This project envisions a 37-story tower housing 364 apartments.
     • Noteworthy is its alignment with the Live Local Act, focusing on affordable housing initiatives.

Live Local Act: A Step Towards Affordable Housing

The Live Local Act, passed in 2023, incentivizes developers by allowing increased height and density, along with property tax exemptions, as long as 40% of the units are reserved for households earning no more than 120% of the area median income. Key points include:

• Units must remain at below-market rent for at least 30 years.
• This initiative aims to promote high-density development in neighborhoods like Wynwood, traditionally limited to 12-story structures.

Additional Developments Under the Live Local Act

Bazbaz Development is also advocating for a 48-story, 544-unit Live Local tower at multiple sites on North Miami Avenue.

Emerging Players and Trends

Melo Group, a family-owned enterprise established in 1948, is notably reshaping Miami’s skyline. Recently, they made headlines by acquiring a 2.8-acre site in Brickell for over $200 million—previously planned for a supertall office tower.

Other Notable Projects

• LivWrk, based in Brooklyn, is proposing three 45-story towers with a combined 1,363 units on the northwest corner of North Miami Avenue and Northwest 24th Street in Wynwood.

Conclusion

With these ambitious projects under consideration, Miami appears poised to address its housing needs while promoting urban development. The combined efforts of entities like Melo Group and Bazbaz Development signify a commitment to not only expand residential opportunities but also to enhance community accessibility in this vibrant city.

For continued updates and insights on Miami’s real estate landscape, visit The Real Deal for the latest news in development and urban planning.