Israel developer Gazit Horizons is requesting approval to increase the size of a proposed apartment building planned across from Brickell City Centre.
The change in plans came after the company said it saw strong rent increases at another Brickell apartment building it owns nearby.
Gazit had originally planned its new tower at 90 Southwest 8th Street to rise 48 stories and have 365 apartments.
Now, the tower is getting taller, and will have a lot more residential units, according to a November company presentation.
The company said it has submitted a request to increase the number of units to approximately 500.
The tower itself is now proposed to rise to 52 stories. It will now cost around $172 million to complete (the smaller 48-story was budgeted at around $110 million).
The developer is going through Miami-Dade County rather than the City of Miami for approval of the new tower, and recently asked county commissioners to include the site in their Rapid Transit zoning area.
In November, the developer was issued a letter from Miami-Dade County planners explaining exactly what it is permitted to build on the site, records show.
Gazit also said it purchased a 262-unit apartment building in Brickell earlier this year for approximately $102 million.
During the quarter, the average rent price in new lease agreements at its new building increased by approximately 30% compared to the former agreements, Gazit said.
A demolition permit has already been issued to the company to clear the site where the new 52-story tower is proposed.
A demolition permit has been issued for this site where a new 500-unit tower is planned: