A pair of massive projects in Midtown Miami and Edgewater easily passed a city architectural aesthetics examination.
On Wednesday, the Miami Urban Development Review Board approved the master plan for Midtown Park, a planned $2 billion four-tower mixed-use complex at 3055 North Miami Avenue being built in phases, starting with a Prosper-branded condominium. The board also greenlit the design for a 47-story mixed-use high-rise with 499 apartments for a development site at 3350 Biscayne Boulevard that is currently for sale.
Midtown Park
The board voted 3 to 0 in favor of Midtown Park’s master plan with a few minor tweaks to the exterior of Midtown Park Residences by Prosper, the project’s first planned building that will rise 28 stories with 288 units ranging from studios to three-bedroom condos. Midtown Park master developers Rosso Development, led by Carlos Rosso, and Midtown Development, led by Alex Vadia, are partnering with Santa Monica, California-based Prosper Hospitality, led by Brian De Lowe and Brad Korzen, on the Prosper-branded project.
Overall, Midtown Park will have four condominiums, including another 28-story tower and two 17-story buildings. Designed by Coconut Grove-based Arquitectonica, the project will also feature 60,000 square feet of office space, more than 120,000 square feet of retail, two major public plazas, a network of pedestrian-oriented streetscapes and a racquet and padel club.
Midtown Park is being developed on 5 acres in Midtown Miami that were previously slated for a Walmart store. That project did not move forward due to community opposition. In 2019, Walmart sold the property to Vadia’s Midtown Development for $26.4 million.
3350 Biscayne Boulevard
A partnership between Amit Kort and Ofir Gabriel won the board’s unanimous approval for a 47-story mixed-use building with 499 units on an 0.8-acre assemblage at 3350 Biscayne Boulevard and 234-264 Northeast 34th Street. The project also scored a 30 percent parking reduction.
In July, Kort and Gabriel relisted the site with a new asking price of $34 million after it had been on the market for six months, Michael Hinton with Lee & Associates, who is marketing the assemblage, previously told The Real Deal.
The developers’ Tulip Developments Group raised the price from $32 million because they scored administrative planning and zoning approval under Florida’s Live Local Act, which allows developers to obtain higher density for mixed-use projects that set aside 40 percent of the units for households earning up to 120 percent the area median income (AMI). In Miami-Dade County, the AMI for a one-person household is $86,800.
Designed by Miami-based architect Kobi Karp, the project would also include 5,555 square feet of retail on the ground floor, 3,117 square feet of restaurant space on the 45th floor and 620 parking spaces with the 30 percent parking reduction.
Developers typically have more success selling sites that come with fully approved permitting plans.
