The ordinance, approved on first reading by Miami City commissioners, is intended to help the city align with Miami-Dade County’s rapid transit zoning policies and Florida’s Live Local Act. However, critics described the initiative as favoring developers over neighborhoods.
The real estate market in South Florida is undergoing a dynamic shift, tackling long-standing challenges around affordability, urban density, and lifestyle. Here are five key trends shaping the local market.
The new development will include both market-rate and workforce housing apartments, along with parking facilities for residents and visitors.
The Magic City Innovation District Special Area Plan was submitted to the city of Miami for review last month.
According to the documents, the developers are proposing to build:
In total, 17 buildings with the tallest at 27 stories are planned. Completion of the entire conccpt will take 10-15 years, with construction to begin in 2020, according to the project website (although existing buildings will be rehabilitated before then).
In a letter, the developer says they intend to build a Transit Oriented Development, with a stop to be built on the Brightline/Tri-Rail Coastal Link track.
Cirque Du Soleil Billionaire Guy Laliberté is listed as having a stake on an ownership statement submitted with the proposal.
Arquitectonica is the architect.
Source: The Next Miami