The Cornerstone Group and Brookstone Partners propose a 354-unit multifamily tower in Miami’s Little Havana neighborhood, amid an apartment building frenzy in South Florida.
Cornerstone and Brookstone, both based in Hollywood, want to develop an eight-story building with a 5,000-square-foot grocery store on a 2.4-acre site on the northwest corner of Northwest Eighth Avenue and West Flagler Street, according to an application attached to a Miami board’s agenda. The assemblage is at 826, 834, 842, 852 and 860 Northwest First Street; 805, 815, 827, 835, 843, 853 and 861 West Flagler Street; and 26 Northwest Eighth Avenue.
The Miami Urban Development Review Board will vote on the proposal at its meeting on Wednesday, including on the developers’ waiver requests. Cornerstone and Brookstone seek a 10 percent reduction of required parking spaces, a bigger spacing between residential entrances and other waivers from the city code.
Designed by Corwil Architects, the building will consist of 38 studios, 170 one-bedroom apartments and 146 two-bedroom apartments, according to the application. It also will have a 500-space garage and 26 on-street spaces.
Cornerstone and Brookstone are affiliated and share a Hollywood headquarters, according to their websites. Both are led by Jorge Lopez, Leon J. Wolfe and Mara Mades.
The firms bought the majority of the development site for $15 million in 2023, records show. They also paid $825,000 for the property at 26 Northwest Eighth Avenue, according to records.
Sellers New York-based Posner Group and Miami Beach builders Todd Michael Glaser and i3 Development, led by Alan I. Amdur, had planned a mixed-use project for the site. They scored a $26.5 million acquisition, pre-development and construction loan in 2021. They planned a three-story, 52,500-square-foot retail building and a two-level garage with 217 parking spaces for the first phase, and a 20-story multifamily building with retail for the second phase.
Across South Florida, developers continue to propose and build multifamily projects, despite a supply overhang that’s led to slower lease-ups, increased concessions and a decline in rents. In September, the median asking rent in the tri-county region was $2,298, a 3 percent drop from the same month last year, according to Realtor.com.
Developers with apartments under construction say demand will catch up, and rent growth will resume by the time they complete their buildings next year and in 2027.
In downtown Miami, Great Neck, New York-based Namdar Group is expected to complete a 43-story, 680-unit apartment tower at 55 Northeast Second Street early next year, and started construction in September of an adjacent 43-story, 714-unit tower at 50 Northeast Third Street.
Keystone Development + Investment is working on an office-to-residential conversion near Dadeland Mall, creating 212 apartments, combined, at the office buildings at 9400 South Dadeland Boulevard and 9500 South Dadeland Boulevard in unincorporated Miami-Dade County.
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