Russell Galbut’s GFO Investments plans a 410-unit Live Local Act apartment project in Miami-Dade County, as developers seize on the state affordable housing law.
Miami-based GFO, the Galbut family’s office, proposes a 19-story building and a 16-story building with a seven-story, 950-space garage podium, and a seven-story medical office building on a 4.1-acre site at 7350 Coral Way in an unincorporated area of the county, according to an application filed to Miami-Dade last week. The neighborhood is known as Coral Terrace.
Dr. Jorge Perez, whose specialties include neonatology and neonatal medicine, and his team are partnering on the project and will lease the medical office building, Galbut said. Perez lists affiliations with Baptist Health South Florida and Kidz Medical Services.
“Housing is desperately needed in the area,” Galbut said.
An entity tied to Perez owns the site, records show. GFO also has an ownership stake in the property, which is a former Miami-Dade police shooting range, Galbut said.
The project, called Park Residences, will include 90,000 square feet of medical office and retail space. The apartment towers will consist of studios, as well as one- to three-bedroom units, the application shows.
The 19-story building will have 164 apartments at workforce rents, representing 40 percent of all 410 units, as is required under the Live Local Act, the application shows. They will be reserved for households earning no more than 120 percent of the area median income.
Miami-Dade’s annual AMI is $79,400, according to the Florida Housing Finance Corporation. To qualify for one of the workforce apartments, a one-person household can earn up to $95,400, a two-person household can earn up to $108,960 and a three-person household can earn up to $122,520.
GFO, through an affiliate, filed a request to Miami-Dade for a pre-application meeting. Pre-application meetings generally are requested to gauge county staff’s input on a proposal before an official application is submitted.
If approved, Park Residences is expected to be completed in two to three years, according to Galbut.
Miami-based GFO’s projects include the 51-story short-term rental-friendly condo tower, Gale Miami Hotel & Residences, which was completed last year at 601 Northeast First Avenue in downtown Miami. Last summer, GFO launched sales for the 32-story, 283-unit short-term rental condo tower 14 Roc at 125 Northeast 14th Street in Miami’s Arts & Entertainment District.
Galbut also co-leads Miami-based Crescent Heights. Last year, the firm scored Miami Beach project review board approval for a four-story retail building at 1901 Alton Road.
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