A proposal was presented by ACRE Multifamily Fund IV REIT (also known as Ares Commercial Real Estate) to the city’s planning board for a zoning change on 2.5 acres of land in Miami’s Upper Eastside. The company is interested in constructing up to 337 apartments on the south side of Legion Memorial Park.
ACRE currently owns Adela at MiMo Bay, a neighboring apartment complex with 236 units and rent prices ranging from $2,292 to $7,146 per month (see photo). According to South Florida Business Journal, the developer has offered a covenant that would limit development on the site to no more than six stories or 75 feet tall and include at least 20 affordable/workforce units. Additionally, there would be a pedestrian path leading to Legion Memorial Park and a payment of $200,000 towards supporting park improvements. The developer has also agreed to provide free public parking from 10am-2pm daily. If approved by the city within three years time frame given by ACRE for obtaining building permits will start construction soon.
The news was originally reported by Connect CRE.
