TRD analysis: Apartment development is booming in these Miami neighborhoods
Wynwood/Edgewater reported highest volume of planned multifamily construction with 727 units
Wynwood isn’t just the trendiest Miami neighborhood – it’s also where the most apartment development is underway.
The area was the most active in terms of new multifamily development, according to The Real Deal’s analysis of building permits filed with the city of Miami so far this year.
In the Wynwood-Edgewater-Midtown Miami area, the city’s building department recorded four new projects with a combined 727 units. Those projects include AMLI Residential’s Midtown East, a two-phase development with a combined 720 apartments near the Shops at Midtown Miami.
Thanks to the rezoning of Wynwood in 2015, a slate of additional new apartment buildings are now in the pipeline, including the Related Group and East End Capital’s Wynwood 25 and Related and Block Capital Group’s Wynwood 26.
Downtown Miami, including Brickell, had the second highest sales volume of planned multifamily construction this year with two projects totaling 673 units.
CIM Group and the Falcone Group filed permits for Seventh Street Apartments, a two-tower project, on the former site of Grand Central in downtown Miami. It will have 411 units. Late last year, the developers closed on $89 million in construction financing for the first building. Maizon at Brickell also filed its building permit. The 24-story, 262-unit project at 1100 Southwest Second Avenue is being developed by Zom, which secured a $52 million construction loan in May.
Flagami was the third most active neighborhood within the city’s boundaries with 449 units spread across four developments. Little Havana ranked fourth with 14 projects totaling 336 apartments, according to the data. That included units at the Haley Sofge Towers complex, a public housing development at 720 Northwest 13th Court, and a 39-unit project that Habitat Development plans to build at 39 Northwest Seventh Avenue.
Multifamily construction has picked up in South Florida and across the country over the past two years. The seasonally adjusted rate of apartments under construction in the U.S. hit 596,000 in September, almost double the long-term average of 300,000, according to the U.S. Census Bureau.
But developers and landlords may have reason to worry. Homeownership rose to nearly 64 percent in the third quarter of this year, the highest rate since 2014, data shows.
Here’s the full ranking of Miami neighborhoods with the highest volume of units underway, according to the city of Miami’s building department.
Harunobu Coryne contributed reporting.