Plans call for two residential towers with a total of 414 units. A 182-room hotel is also planned.
The hotel and residential towers will be placed on US-1 at the north end of the property, in close walking distance to the South Miami Metrorail station and UM campus.
The developers will also partially demolish some retail at San Remo and Red Road to create a “grand” public square. New exterior facing storefronts and facade improvement are also planned, in order to make the area more inviting to pedestrians.
Federal Realty Investment Trust, Grass River Property, and Comras Company paid $110 million for the property last year and are overseeing development.