Crescent Heights’ second Live Local Act project in Edgewater, with 1,300 residential units next to its Forma Miami development, puts all of the “workforce” units required under terms of the state law in one building and market-rate apartments in a taller tower.
The firm, led by Russell Galbut, Sonny Kahn and Bruce Menin, proposed a 50-story tower with 780 market-rate units and a 28-story building with 527 “workforce” units meant for residents earning no more than 120 percent of the area median income, the South Florida Business Journal reported.
Even though the more affordable apartments will be in a separate building, they will be built with “true luxury and true quality,” Galbut said.
The 2.6-acre development site is bounded by 3180 Biscayne Boulevard, 3195 Northeast 2nd Avenue, and 220 to 250 Northeast 32nd Street. The development would also have 99,000 square feet of commercial space and over 1,000 parking spots.
RSP Architects designed the project.
Invoking Live Local allows the developer to build to the maximum height and density allowed in exchange for reserving 40 percent of units for residents earning $104,000 to $150,000 a year.
Units in the workforce tower would span 425 to 900 square feet and include a mix of rentals and for-sale units. The market-rate tower’s units, likely all rentals, would span 510 to 1,400 square feet, plus a few units as big as 2,200 square feet.
Crescent Heights’ recent success with apartments was behind the decision to make the market-rate units rentals.
The developer is seeking a parking reduction, changes to the size of pedestrian entrances and reduced setbacks in a hearing before Miami’s architectural review commission this week, the outlet said.
The project builds on Crescent Heights’ momentum in Edgewater, where it built Forma Miami, a 40-story Whole Foods-anchored resi tower, in 2024. It refinanced the 588-unit apartment tower for $238 million last year.
The second phase of Forma received approval recently as a Live Local project with 278 apartments, 101,000 square feet of offices and some retail on a 2-acre site at 220 Northeast 43rd Street. That project will bring 116 units reserved for residents earning 120 percent of AMI.
—Rachel Stone
