Hidrock Properties and Robert Finvarb Cos. have announced plans to construct a 39-story tower on the 0.55-acre site located at 2534 N. Miami Ave. The property was acquired for $13 million and currently features a two-story commercial building.
The proposed tower, spanning over 436,934 square feet, will include 336 apartments, with an additional 7,781 square feet of commercial space and parking for up to326 vehicles.
According to reports from the South Florida Business Journal , approximately40% of the units will be designated as workforce housing for individuals earning up to120% of the area’s median income.These units will be smaller than market-rate apartments while all two-bedroom units will fall under market-rate pricing at1,027 square feet each.
Aside from ground-level commercial space,the top floor is set to feature a restaurant while amenities such asa pool deckand12,500 square feetof indoor facilitieswill occupy floors nine and ten.
This latest development marks another milestone in Wynwood’s ongoing transformation into a bustling hub for residential living.The project has been approved by local authoritiesand is expectedto bring significant economic growthtothe area.
