Midtown Capital Partners proposes a 348-unit Live Local Act tower in Miami’s Little River, amid a flurry of project applications under the state’s affordable housing law.
The firm wants to build a 22-story tower with ground-floor retail and amenities on a 1.3-acre site at 7501 and 7553 Northeast Second Avenue in Miami, according to city records. The Miami Urban Development Review Board will vote on the project at its meeting on July 16.
Designed by Corwil Architects, the U-shaped tower will consist of studios and one-bedroom to three-bedroom apartments. It will have 406 parking spaces.
At least 140 of the apartments will be for households earning no more than 120 percent of the area median income. That’s consistent with the Live Local Act’s requirement that 40 percent of a project’s units are at workforce or affordable rents.
The law, which the Florida Legislature approved in 2023 and tweaked in the subsequent two years, incentivizes development of below-market rate apartments by allowing developers to bypass sites’ zonings and build bigger projects. Landlords also can get property tax exemptions.
Under Live Local, developers can build up to the highest allowed density in a jurisdiction and towers up to the tallest height within a mile of the site.
Midtown isn’t maximizing the development capacity for its project because Live Local allows it to build more than 1,000 units and up to 25 stories, the firm’s application shows.
Midtown, which has offices in Miami and Madrid, Spain, is a commercial real estate investment and development firm with a portfolio spanning more than 3 million square feet and $1 billion in assets under management, according to its website. Alejandro Velez is the CEO.
The firm is the latest to jump on the Live Local Act. Across South Florida, developers are filing proposals for towers, including in neighborhoods now primarily home to low-rise and mid-rise buildings.
In Goulds, a south Miami-Dade County neighborhood, Argentine developers Martin Racca and Pablo Buttice want to build a 25-story, 300-unit Live Local tower on the northeast corner of Southwest 214th Street and U.S. 1/South Dixie Highway.
Several Live Local towers are proposed in Wynwood, Miami’s arts district where heights are restricted to 12 stories. Brooklyn-based LivWrk proposes three 45-story buildings with 1,363 units, combined, on the northwest corner of North Miami Avenue and Northwest 24th Street. Also, New York-based Bazbaz Development proposes a 48-story, 544-unit Live Local tower at 2110, 2118 and 2134 North Miami Avenue, as well as 2101, 2129 and 2135 Northwest Miami Court, in Wynwood.
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