Mill Creek Files Plans for 31-Story Rental Property in Miami’s Edgewater
By Julia Echikson June 14, 2023 1:34 pm
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Mill Creek Residential is seeking to add another multifamily property in Miami’s Edgewater neighborhood.
The Boca Raton-based developer has proposed building a 31-story tower, containing 275 units and 363 parking spaces. The development, called Modera North Bayshore, would rise just south of the 28-story property previously known as Modera Biscayne Bay, which Mill Creek completed and sold for $211 million to Air Communities in 2021.
To reach its desired number of units, the developer is transferring unused density from the office building at 2125 Biscayne Boulevard, which is owned by a Chicago-based company, according to the application filed to Miami’s Urban Development Review Board. The move would account for 115 units.
Mill Creek is also acquiring the rights to build an additional 160 units through two city programs: 148 units through the Transfer of Development Density Program, which allows owners of historic properties to sell unused development rights within Miami’s urban core, and another 12 units through the Affordable and Attainable Mixed-Income Housing Transfer of Development Density Program, legislation passed last year that allows affordable developers to transfer some development rights at market rates.
The developer is seeking a 30 percent reduction in the number of parking spots required. The board is set to hear the proposal June 21.
If approved, the development would mark Mill Creek’s third multifamily project in Edgewater, a district undergoing vast redevelopment. In addition to the 296-unit Modera Biscayne Bay which Air Communities renamed the Watermarc at Biscayne Bay, it completed the 297-unit Modera Biscayne in 2019, a little farther north on Biscayne Boulevard.
A representative for Mill Creek did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
