Related Group Files Plans for $148M Resi Development in Miami’s Coconut Grove
The 20-story development would feature 345 units and replace the three-story multifamily building
By Julia Echikson February 7, 2025 6:05 am
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Related Group wants to build a $148 million mixed-income residential complex on county-owned land in Miami’s Coconut Grove neighborhood.
The Miami-based developer’s affordable housing division, Related Urban, is seeking a 99-year ground lease to redevelop the Gibson Plaza property at 3160 Mundy Street, a block south from Route 1 and east from the Douglas Road Metrorail Station.
The proposed 20-story development would feature 345 units and replace the three-story multifamily building, which was completed in 1982 and houses 65 section 8 apartments. The 248,265-square-foot project would feature 172 market-rate apartments, 111 affordable housing units and 62 workforce rentals, as well as a 7,800-square-foot public library on the ground floor.
“The redevelopment of Gibson Plaza will not only provide new units for the existing residents but will also include a new state-of-the-art Miami-Dade County Public Library for the entire West Grove community,” Albert Milo, Jr., President of Related Urban, said in a statement.
The project is slated to generate $573 million for Miami-Dade County during the lease term. The estimate includes an upfront payment of $1.7 million and 16 percent of the property’s annual net cash flow.
The Miami-Dade Housing Committee will hear the application on February 11.
In the past few months, Related Urban Development Group has doubled down on developing dense, mixed-income housing in and around urban centers. In Miami’s Little Havana neighborhood near the Miami Marlins’ LoanDepot Park baseball stadium, it has filed plans to build 1,038 apartments, using the Live Local Act.
Julia Echikson can be reached at jechikson@commercialobserver.com.
