Tall Apartment Projects Proposed in Miami’s Wynwood Using Live Local Act
By Julia Echikson November 15, 2024 1:25 pm
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Two developers want to build tall apartment buildings along the outer edge of Miami’s Wynwood district, thanks to the Live Local Act.
In the larger development, Ultimate Equity has filed plans to build two apartment towers, both 36 stories high, at 520 NW 26th Street, facing Interstate 95, just south of the 545 Wyn office building. The 1 million-square-foot project would house 1,300 apartments, 21,601 square feet of commercial space and 1,099 parking spots, some of which would be on two basement levels.
The Miami-based developer assembled the 1.9-acre, L-shaped parcel for $4.5 million between 2002 and 2010, according to property records. The lots now hold low-rise commercial and retail buildings.
Across the street, Clara Homes has filed plans to build a 22-story rental building at 2601 NW Sixth Avenue. The 168,000-square-foot development would feature 147 units and 130 parking spots.
In January, Clara Homes, led by James Curnin, purchased the 17,000-square-foot parcel, home to the Austin Burke men’s clothing store, for $7.7 million.
The Wynwood Design Review Committee will hold a hearing on the applications Nov. 18.
Both developers are seeking 30 percent parking reductions and have tapped Kobi Karp as their architect.
In accordance with the Live Local Act, a Florida law that passed last year, 40 percent of units at both projects would be priced within 120 percent of the area’s median income for at least 30 years. In return, the developers can bypass Wynwood’s 12-story cap.
While the Live Local Act provides few tools for municipalities to block tall developments if they meet certain pricing benchmarks, some projects have still faced pushback.
In May, Bazbaz Development proposed a 48-story residential tower at 2110 North Miami Avenue. If built, the project would become the district’s tallest building. The Wynwood Design Review Committee rejected the application, though the vote was a nonbinding recommendation.
Julia Echikson can be reached at jechikson@commercialobserver.com.
