Related Group is advancing plans for a $148 million residential complex in Miami’s Coconut Grove, with a proposal set to be reviewed by the Miami-Dade Housing Committee next week.
The development is being led by Related Urban, the company’s affordable housing division, which is requesting a 99-year ground lease from Miami-Dade County to redevelop the Gibson Plaza apartments at 3160 Mundy St. The committee will discuss the proposal on Tuesday, February 11th.
The plan calls for transforming the 43-year-old, five-story apartment complex located across from the Douglass Metrorail Station into a 20-story, mixed-income residential building. Miami-Dade Commissioner Raquel A. Regalado is sponsoring the project.
“The redevelopment of Gibson Plaza will not only provide new units for current residents but will also feature a state-of-the-art Miami-Dade County Public Library for the entire West Grove community,” said Albert Milo Jr., President of Related Urban, in a statement to Bisnow.
The new development will cover over 284,000 square feet and include 172 market-rate apartments, 111 affordable housing units, and 62 workforce rental units, with the library occupying nearly 8,000 square feet. According to Miami-Dade County records, the county is expected to generate an estimated $573 million in revenue from the project.
This mixed-income initiative comes as the average rent in Coconut Grove has reached $2,220 per month—43% higher than the national average of $1,555, according to a February report from Apartments.com. The average rent in Coconut Grove is also higher than Miami’s overall average of $2,148.
Other ongoing developments in Coconut Grove include Allen Morris Co.’s mixed-use project at 3101 Grand Ave., which involves redeveloping the former site of Coconut Grove Laundry & Cleaners. The project will feature a five-story, 100,000-square-foot office building and a three-story luxury condo building with 20 units.
In addition to Gibson Plaza, Related Urban has proposed expanding Miami’s Haley Sofge Towers in Hialeah. Utilizing the Live Local Act, this expansion would bring more than 1,000 new units, including workforce housing, along with additional commercial space.
Source: Bisnow