Estates Investment Group is proposing a luxury apartment project in Overtown.
The project is being built in partnership with the Overtown/Park West Community Redevelopment Agency, on 1.23 acres owned by the CRA.
As part of the deal, the developer is setting aside 40 units for affordable housing. Ten of those units are for those earning under 80% of the area median income ($52,300 for a family in 2018), fifteen units for those between 80% and 100% of AMI, and another fifteen units for those between 100% and 120% of AMI. The units will be mixed among market rate apartments.
According to the applicant, the 18-story development will be a “Class A” building. Parking garages will be hidden from street views, with storefronts and balconies on facades “giving elegance and modernity.”
A total of 360 apartments, with a mix of studios, one two and three bedroom units, are included in the proposal. Also included will be 438 parking spaces, 6,500 square feet of retail, 2,250 square feet of office, and 9,355 square feet of open space.
Caymares Martin is the architect. The project will be heard by Miami’s Urban Development Review Board on October 17.