The property consists of 0.86 acres with T6-80-0 zoning allowing a tremendous development opportunity for up to 800 residential units and 120 hotel rooms.

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The city’s Urban Development Review Board approved plans for Miami Worldcenter Block C, located on the 0.68-acre site at 155 N.E. 10th St., on March 20.

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The 1,049-foot building will be the tallest in Miami.

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The $60 million US Department of Transportation grant, which is the largest received in the city’s history according to the mayor, marks a critical leap forward for the I-395 Underdeck and signature bridge.

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The three towers will have 1,342 multifamily units, 264 apartment-hotel units, 615 hotel keys, 100,000 square feet commercial, and 1,180 parking spaces.

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Mercedes-Benz Places — Miami will be the first residential tower for the luxury car brand in the United States.

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Developers are offloading parcels for mixed-use, condo, townhome and multifamily projects, as some struggle to land equity investors or bank financing.

Overtown's Block 19

The new development will include both market-rate and workforce housing apartments, along with parking facilities for residents and visitors.

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Unlike much of the redevelopment now enveloping Miami, the plan spearheaded by Coconut Grove-based developer Swerdlow Group is aimed squarely at low-income and middle-class Miamians who are now finding it increasingly unaffordable to live in the city, especially in the urban core.

The loan marked a new record for a single tower, residential construction loan.