The planned development will feature 517 apartments, 9,700 square feet of restaurant space, and a six-level parking garage with 506 spaces.
The prime location offers the potential for constructing a supertall building.
Both projects will be reviewed by the Wynwood Design Review Committee on Nov. 18.
As borrowing becomes more affordable, construction costs stabilize, and market liquidity improves, many investors, currently sitting on significant dry powder, are eager to re-enter the market.
Seven supertall towers are currently planned across Miami.
The tower is currently going through Miami-Dade’s review process under the Rapid Transit zoning plan. Approval of developments in the zone may be conditioned on public benefits.
When Dan Kodsi and his former partner acquired the site two years ago, they planned to build a 200-unit apartment building. Now, Royal Palm is moving forward with a roughly 30-story condo tower.
The 60-story tower is currently in review by Miami-Dade County planners.
Terra and Arquitectonica are working on two projects in Overtown and Midtown; Kobi Karp is designing a condo tower downtown.
Clear Residences is planned as a 60-story tower, rising 690 feet above ground.