New 140-Unit Apartment Building Planned Near Miami River

Developers are set to add a significant multifamily project to South Florida’s rapidly evolving landscape. A new 140-unit apartment complex, known as the Rio Vista Apartments, is being proposed along the scenic Miami River.

Project Overview

• Developer: Bricka CB Development, led by Italo Balbi, Ashley Bosch, and Gaston Corradi.
• Location: 413, 421, 431, and 453 Northwest Third Street, Miami, situated in the Lummus Park Historic District.
• Design: The project is designed by Studio Mc+G Architecture and will feature:
  • 10 stories
  • A mix of studio, one-bedroom, and two-bedroom apartments.
  • Six townhouses on the ground floor.

All units are set at market-rate rents, with plans to maximize the site’s potential. Under current zoning regulations, the property can support up to 156 apartments over eight stories, or 12 stories with additional incentives.

Upcoming Votes and Approvals

The proposal for Rio Vista is scheduled for a vote by the Miami Urban Development Review Board at their next meeting, which will take place on Wednesday. The project will subsequently seek approval from the Miami Historic and Environmental Preservation Board.

Background and Recent Developments

The land for Rio Vista has seen significant changes recently. In 2023, the developers acquired two of the lots for $3.3 million. Two additional parcels are also under contract, with details about their purchase price remaining undisclosed.

One of the lots, located at 431 Northwest Third Street, was previously home to a four-story apartment building that tragically burned down last summer, leading to the displacement of over 40 low-income residents. The case remains notable, as a resident was charged in connection with the fire, although the arson charges were later dropped.

The other lot, at 453 Northwest Third Street, features a historic two-and-a-half-story house built in 1913 in the Masonry Vernacular style, which the developers plan to preserve.

Developer Background

Italo Balbi is primarily known for his projects in Peru, Venezuela, and Spain through his firm, Bricka Real Estate. He also serves as a broker with Cervera Real Estate. Meanwhile, Ashley Bosch heads the Blok Group, and Gaston Corradi is the COO of Corradi Construction Group. Their collaboration in CB Development has previously yielded three five-story Wesley-branded apartment buildings in downtown Hollywood, with additional projects in the pipeline.

Miami River District: A Growing Trend

The Miami River District has increasingly captured the attention of developers. Notable projects include:

• River District 14: A 16-story, 283-unit condominium project by Alta Development.
• Faena Residences: A luxury condominium project featuring two towers with 440 units, in partnership with Fortune International Group and KAR Properties.

These developments indicate a robust growth trend that further cements the Miami River District as an attractive area for new residential communities.

Conclusion

The Rio Vista Apartments project represents an exciting opportunity for urban development in Miami, bringing new housing options to a vibrant area while maintaining respect for its historical context. As the application moves forward, interested parties will be closely watching the upcoming board meetings for the project’s fate.

For more information on multifamily developments in Miami, check out Miami Urban Development and stay updated on local real estate trends.