A partnership between Amit Kort and Ofir Gabriel is adding a Live Local Act sweetener to an Edgewater site that’s on the market with a new asking price of $34 million.
The city of Miami recently approved plans for the joint venture, Tulip Developments Group, to build a 47-story tower with 499 apartments on an 0.8-acre assemblage at 3350 Biscayne Boulevard and 234-264 NE 34th Street, according to Michael Hinton with Lee & Associates. The site was originally listed for $32 million in February.
Hinton is marketing the development site on behalf of Tulip, whose other partners are Karl-Ulrich Ansorg, who leads Berlin-based Ansorg Development and Yakov Elbaz with Royal Tulip Group.
“We’ve had the site on the market for a while now,” Hinton told The Real Deal. “[Tulip’s partners] are not opposed to seeing the development to fruition, but they have added value with the Live Local approval.”
Under Florida’s Live Local Act, developers can build mixed-use projects with higher density than allowed by a property’s current zoning if they 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, Tulip’s Live Local Act project would have 296 market rate apartments, 203 workforce housing units and 5,555 square feet of ground-floor retail, Hinton said. The joint venture had previously planned a 44-story high-rise with 172 condos, 100,000 square feet of office space, 10,000 square feet of retail and a 420-space garage.
In 2022, Tulip bought the six-parcel-assemblage for $16.5 million from Miami power couple David and Leila Centner. The properties are within an Opportunity Zone, which allows investors to defer taxes on capital gains in exchange for putting those gains in real estate projects or businesses in areas deemed in need of a financial boost.
In addition to the Live Local Act approval, the project site can also take advantage of bonuses from the site being in a transit zone, Hinton said.
