Hidrock and Robert Finvarb Use Live Local Act to Propose 39-Story Rental in Wynwood
By Julia Echikson July 12, 2024 3:41 pm
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Another set of developers are shooting their shot to build tall in Miami’s Wynwood neighborhood, using the Live Local Act, a Florida law that grants developers density hikes in return for designating a portion of apartments as workforce housing.
Hidrock Properties and Robert Finvarb Companies together filed plans to build a 39-story building with 336 rental units at 2534 North Miami Avenue, between Northeast 25th and 26th streets. In 2021, New York-based Hidrock Properties purchased the half-acre site for $13 million, according to property records.
In accordance with state law that was passed in 2023, 40 percent of residences will be affordable for people earning no more than 120 percent of the area’s median income. Developers can build up to the height of any building within a one-mile radius if the affordability requirement is met.
According to the proposal, the Arquitectonica-designed project is 21 stories shorter than the maximum height. The 436,934-square-foot development would also house 7,781 square feet of commercial space and 326 parking spots.
The Wynwood Design Review Committee will hear the application July 16. The lawyer representing the joint venture, Brian A. Dombrowski of Greenberg Traurig, did not immediately respond to a request for comment.
The proposal marks at least the second attempt to use the Live Local Act to build higher than 12 stories, which has historically been the limit in Wynwood.
Last month, Bazbaz Development filed a proposal to build a 48-story residential tower, which, if built, would become the neighborhood’s tallest building. But the review committee slammed the project, calling it “unremarkable” and voting against it, though the measure is not final, according to The Real Deal.
Julia Echikson can be reached at jechikson@commercialobserver.com.
