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    Miami Real Estate Developers Drive Multifamily Projects Amid Inflation

    What’s New in South Florida:

    South Florida development teams continue to execute ground-up multifamily projects and affordable housing developments amid economic challenges. Upcoming developments include one spearheaded by Miami Heat Legend Udonis Haslem and Magellan Housing, which aims to increase affordable housing opportunities in Miami’s Wynwood neighborhood. Here’s a look into the area’s most recent development updates.

    New York Developer LCOR Reveals First Ground-Up Development Plans in Miami 

    New York-based Developer LCOR has proposed the development of a 42-story apartment on 1775 Biscayne Boulevard, located in Miami’s Arts & Entertainment District. Collaborating with Hollywood-based ODP Architect and Interior Designer Karen Aspera, the 1.08-acre site will consist of 544 apartments, 10,000 square feet of ground-floor retail, 628 parking spaces, as well as expansive amenities, including a pool deck, fitness center, and gaming lounge. As LCOR seeks to expand its geographic footprint, the development of 1775 Biscayne will mark the first ground-up development the team will execute in Florida. The project is expected to break down in Q2 of 2024. 

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    Redevelopment of Affordable Housing Building in Miami-Dade County

    Related Urban Development Group has successfully executed several redevelopment projects in recent years. Their newest project is located in the West Little River neighborhood and will involve the demolition of Palm Court, a 6-unit and 88-story building. The redevelopment, named the Gallery at Palm Court, consists of an 185-unit and 11-story building designed for aging residents. Amenities include a multipurpose room, fitness room, and a dog park. The Gallery at Palm Court is pending approval from the U.S. Department of Housing and Urban Development but is expected to break ground in Q1 of 2025. 

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    Magellan Housing and Miami Heat’s Udonis Haslem Break Ground in Wynwood

    Magellan Housing and Udonis Haslem recently broke ground on an affordable housing development, Wynwood Works. The building will consist of 48 studio apartments, 66 one-bedroom units, eight two-bedroom units, and 5,000 square feet of ground-floor commercial space. Nestled in the middle of Miami’s most artistic neighborhood, the team is partnering with Bakehouse to cover the side of the building with a mural. The Miami Community Redevelopment Agency (CRA) granted Magellan Housing and Haslem’s development partnership $9.9 million to maintain affordable housing on the site for 50 years, which will continue to drive housing opportunities within the community. 

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    Tag(s): Florida Digest

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