Tate Capital proposes a 348-unit apartment project in North Miami, as redevelopment plans for the long-overlooked western side of the city ramp up.
The firm, led by brothers Jimmy and Kenny Tate, wants to build a 17-story building with 39,300 square feet of ground-floor commercial space and a 636-space garage on the site of the company’s headquarters, according to records in the city council’s meeting this month.
The 2.3-acre site is roughly on the northwest corner of Northeast 125th Street and Northeast 12th Avenue. It includes the lots at 1175 and 1195 Northeast 125th Street; 1174 and 1140 Northeast 126th Street and three adjacent vacant parcels.
Tate Capital is asking the North Miami City Council to approve a conditional use permit to allocate 348 “floating” residential units to the site. North Miami’s comprehensive plan, a blueprint for the city’s growth and development, allows for 8,725 “floating” units citywide, meaning developers can request a portion of this allocation for their sites. Of the total units available, 7,167 units remain, according to city records.
The North Miami City Council is expected to consider the conditional use permit at its Nov. 12 meeting, according to Jimmy Tate. The request was postponed from Tuesday’s meeting.
If the council green-lights the conditional use permit, Tate Capital will go before the North Miami Development Review Committee for site plan approval within the next year, Jimmy Tate said.
If the project is fully approved, construction is expected to start in 2026 or 2027. Tate Capital also plans to hold meetings with North Miami residents, giving them an opportunity to weigh in on the project.
“Things just don’t happen overnight anymore,” Jimmy Tate said. “There’s a lot of variables involved these days that became monetary factors and headwinds that weren’t there four or five years ago.”
Among the headwinds are elevated interest rates, which increase financing costs, and skyrocketing insurance premiums, including for builders risk policies.
Tate Capital isn’t the only firm betting on North Miami’s western side. In July, the city council approved Redwood Dev Co’s plan for eight 18-story buildings with 2,193 apartments, combined, as well as 121,500 square feet of commercial space and 4,114 parking spaces. The project will rise on a 27.7-acre site that consists of Claude Pepper Park at 1255 Northwest 135st Street and an adjacent vacant lot at 1525 Northwest 135th Street.
In Fort Lauderdale, Tate Capital is partnering with the Pérez family’s Related Group and Sergio Rok on the $1 billion redevelopment of the Bahia Mar resort with four 22-story condo buildings, a 30-story hotel with 256 keys and 60 condo-hotel units, and 88,000 square feet of retail and restaurant space. The developers scored zoning approval from the city last year.
