Related Urban Development Group is requesting a construction permit for a new residential development in Miami Dade County

Related Urban Development Group is requesting a construction permit for a new residential development in Miami Dade County

Related Urban Development Group, a subsidiary of Related Group that deals with affordable real estate, is requesting a construction permit for a mixed-income residential development in Miami Dade County near the Miami River. The fate of the 1.05-acre land plot at 395 N.W. 1st St. and 25 N.W. River Drive will be decided by the county commissioners on September 1. There is currently a two-story office building in this plot.

The land plot is close to Interstate 95 in the west, Flagler Street Bridge in the north, and the Lummus Park in the south. The developer intends to get a 75-year lease on the land from the county for a down payment of $1.54 million and an annual fee of 16.5% of the project’s net cash flow. The company will pay a total of $238.8 million over that time.

The residential development will include 439 apartments in twin 30-story towers and over 500 m2 of retail space, a garage with 478 parking spaces, and a heritage installation. The towers will be connected by a skybridge. The 11th floor will be reserved for recreation areas with a swimming pool, a club room, a gym, and a playroom.

Under the contract, 20% of apartments will be reserved for residents whose income is in the bottom 50% of the district average, and 20% more for residents with an income of up to 140% of this amount. There will be no income restrictions for the remaining apartments.

Share
Subscribe to newsletter
Subscribe