Related Group is moving forward with plans to build a $148M residential complex in Miami’s Coconut Grove, with a proposal set to go before the Miami-Dade Housing Committee next week.
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The development is spearheaded by the company’s affordable housing arm, Related Urban, which is seeking a 99-year ground lease from Miami-Dade County to redevelop the Gibson Plaza apartments at 3160 Mundy St., Commercial Observer reported. The committee will weigh in on the proposal on Tuesday.
Related Urban seeks to redevelop the 43-year-old, five-story apartment complex across from the Douglass Metrorail Station into a 20-story, mixed-income residential building.
Miami-Dade Commissioner Raquel A. Regalado is sponsoring the development.
“The redevelopment of Gibson Plaza will not only provide new units for the existing residents but will also include a new state-of-the-art Miami-Dade County Public Library for the entire West Grove community,” Related Urban President Albert Milo Jr. said in a statement to Bisnow.
The new structure would span more than 284K SF and include 172 market-rate apartments, 111 affordable housing units and 62 workforce rental units, with the library occupying almost 8K SF, Commercial Observer reported.
The county stands to take in an estimated $573M in revenue from the development, according to Miami-Dade County records.
The mixed-income project comes as the average rent in Coconut Grove sits at $2,220 per month, 43% higher than the national average of $1,555 monthly, according to a February report by Apartments.com. That is also higher than Miami’s average of $2,148 per month.
Other ongoing projects in Coconut Grove include Allen Morris Co.’s mixed-use project at 3101 Grand Ave., a redevelopment of the longtime site of Coconut Grove Laundry & Cleaners. The project will feature a five-story, 100K SF office building and a three-story luxury condo building with 20 units.
Beyond Gibson Plaza, Related Urban has also proposed the expansion of Miami’s Haley Sofge Towers in Hialeah. Utilizing the Live Local Act, that expansion would bring more than 1,000 new units, including workforce housing, and additional commercial space.
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