Helm Equities is planning a 36-story mixed use building in Miami’s Design District according to CityBiz. The development will replace the previously proposed Parterre 42 project, which recently started leasing class A office space at 4201 Northeast Second Avenue. The new building will consist of 278 residential units, 83,338 square feet of office space, 620 parking spots, and approximately 45,000 square feet of retail space. The project will cost 500 million and encompass about 500,000 SF of usable SF.

CityBiz also cited a recent Kimley-Horn traffic study, which found a reduction of about 29% to 37% of traffic compared to the previous office space planned.

Since the development is taking advantage of the Live Local Act, regulations require that 40% of the units be priced at 120% of the Area Median Income. As a result, the project will have 116 rental units on the lower floors, with condominiums on the upper levels. If the development utilized existing code, the max height would be 5 floors. While official elevations or site plans are not available, the project will add wraparound retail and 35,000 square feet of open space at the ground level to enhance the building’s base. In addition, the tower is split into two sections, with an office portion and a residential portion linked by a courtyard.

The building will join a plethora of other developments in Miami by achieving LEED Gold and WELL gold certifications. The Real Deal noted that construction will likely begin in the fourth quarter of 2025, but the date isn’t set in stone. Cube 3 is the official architect.

The site is located at 4201 Northeast Second Avenue.