Developers would be given density bonuses for building residential units for mid and lower incomes under a newly approved zoning change.
Miami commissioners voted last week to approve the new rules.
The bonus only applies to an area west of the Arsht Center zoned T6-24B-O. Several properties in the area, including Melo Group’s Square Station and Art Plaza, have already been given similar bonuses in exchange for agreeing to offer apartments to tenants with specific income levels.
Three income levels will be considered: Workforce (60 to 140 percent of area median income), Affordable (Below 60 percent of AMI), and Extremely Low Income. Additional bonuses can be granted by devoting more space to Extremely Low Income.
Miami’s area median income is about $52,300 for a family in 2018.