The Related Urban Development Group has unveiled plans for a mixed-income high-rise along the Miami River. Redevelopment opportunities of the lot began on July 15th, 2024, when Miami-Dade staff issued a Request for Proposal on a property located at 1175 NW South River Drive, seeking a developer who’d construct a mixed-income building consisting of affordable, workforce, and market rate units. Staff is recommending approval for a Master Development Agreement and a 99-year ground lease with Miami-Dade. According to the Master Development Agreement, the Related Group must construct 236 mixed-income apartments, with 36 of them being RAD Project-Based Vouchers (program aimed at providing Section 8 housing) available to the public.
Units will be split between studios, 1 bedroom, 2 bedroom, and 3 bedroom orientations. To be more specific, units will be 490 SF at minimum and 1195 SF at maximum, with the average unit totaling a small, but comfortable 724 SF. Likewise, there will be 188 parking spots that translates to .8 parking spaces per unit. The tower will be 170,870 SF in total, with 1,550 SF of it as a large retail space situated close to a newly planned riverwalk.
Elevations are not available, but the building will measure 19 floors comprising of 5 podium floors and 14 residential floors. On floor 6, there will be a common space filled with amenity facilities including a pickleball court, a pool, a bar, a health club, and more. Once constructed, the property is estimated to generate $270,169,284 dollars in revenue consisting of ground lease payments, developer fees, and more over the 99-year ground lease.
This development is one of the many multifamily high-rises planned in recent months by the Related Group on Miami-Dade land, including Gallery in the Grove recently planned in Coconut Grove. The project even shares a similar form factor as Gallery in the Grove, even including the same architect: Cohen Freedman Encinosa.