Feeding into a record-breaking in demand real estate market, multifamily developers have enough work in the pipeline to last into 2024.
Three towers, between 39 stories and 48 stories, would sit on top of a new public parking garage with 1,350 spaces and retail on the ground floor.
The project would have three 57-story towers connected by a podium at the base, comprised of 2,195 residential units, 540,000 square feet of offices, 49,999 square feet of retail and 2,457 parking spaces.
If selected, construction would begin in 2023 and take 59 months to complete.
If approved, the development would not only be the largest residential development in Downtown Miami, it would also dwarf all the other projects in Miami Worldcenter, the master-planned project underway in Downtown Miami.
The church, which was developed in 1926 and placed on the National Register of Historic Places in 1989, would remain standing and be transformed for new uses through adaptive reuse.
Values are expected to increase 11%, while yields will average 6%.
MAJOR. will be the firm’s fifth supertall skyscraper and third project in the Brickell neighborhood.
Of renters looking to move, an average of 40 percent were looking to move out of the metro where they resided in the third quarter of 2021, according to a report from Apartment List, based on searches on their platform.
For the first time, Miami has topped the high-end residential price index according to a sales report issued by the Knight Frank firm that analyzes price changes for the most desirable and expensive properties in a given location in the market by value for 46 cities across the world.