Midtown Capital Partners Proposes Affordable Housing Tower in Miami’s Little River
Midtown Capital Partners is making headlines with plans for a new 348-unit tower in Miami’s Little River, a development that aligns with Florida’s Live Local Act aimed at expanding affordable housing options.
Project Overview
- Location: 7501 and 7553 Northeast Second Avenue, Miami
- Height: 22 stories
- Design: U-shaped, by Corwil Architects
- Unit Types: Studios and one to three-bedroom apartments
- Parking: 406 spaces available
Housing Accessibility
The project plans to allocate at least 140 apartments for households earning up to 120% of the area median income. This is in line with the Live Local Act, which mandates that 40% of a development’s units be offered at workforce or affordable rates.
Benefits of the Live Local Act
Enacted in 2023 and subsequently modified, the Live Local Act incentivizes developers with several benefits:
- Zoning Flexibility: Developers can bypass strict zoning regulations.
- Increased Density: Ability to build to the highest density allowed within a jurisdiction.
- Tax Exemptions: Potential property tax exemptions for landlords.
Development Potential
While Midtown’s current plan is to build 348 units, the Live Local Act allows developers to maximize potential, enabling them to construct projects of over 1,000 units and reach heights of up to 25 stories.
Midtown Capital Partners decided to opt for a more conservative build this time, suggesting a focus on quality and community needs.
About Midtown Capital Partners
With offices in Miami and Madrid, Midtown Capital Partners is a significant player in the commercial real estate sector, boasting:
- Portfolio Size: Over 3 million square feet
- Assets Under Management: Exceeding $1 billion
- CEO: Alejandro Velez
Recent Developments in South Florida
Midtown is not alone in pursuing such developments; the Live Local Act has spurred a surge of similar projects across South Florida:
- In Goulds: Argentine developers Martin Racca and Pablo Buttice aim for a 25-story, 300-unit tower.
- In Wynwood: Brooklyn-based LivWrk has proposed three towers with a combined total of 1,363 units, while Bazbaz Development seeks to build a 48-story tower with 544 units.
Conclusion
As Miami continues to grapple with housing affordability, developments like Midtown Capital Partners’ proposed tower in Little River signify a proactive approach under the Live Local Act. These initiatives could help alleviate the housing crisis and provide valuable options for residents in the area.
Additional Resources
For more information on the Live Local Act and other developments in Miami, visit:
Engaging with these resources can provide further insights into the ongoing evolution of Miami’s housing landscape.