Jorge Pérez’s Related Group plans to build a new 160-unit apartment building right along the Miami River.
The project, known as The Gallery on the River, will sit at 401 Northwest North River Drive and will cost $44.5 million, according to a memo filed with the Miami-Dade County. The resolution was pushed forward by the county commissioners at a Miami-Dade Housing, Social Services & Economic Development Committee meeting on Monday.
The Miami development group — best known for its condo projects — is seeking to pay a $400,000 one-time payment and $40,000 in annual rent with 4 percent annual increases. The project will also include 11 affordable housing units.
The property is in front of the popular Garcia’s seafood restaurant and next to the Jack Orr Plaza, a 12-story senior living public housing.
The Next Miami first reported the plans.
Related Group is the latest developer looking to build new apartment projects along the once-blighted Miami River district.
The Chetrit Group is planning to build a mixed-use development at 401 Southwest Third Avenue in Miami that would include 1,678 residential units, 330 hotel rooms, 266,000 square feet of retail and office space, and more than 2,000 parking spaces.
A development group led by Avra Jain is also planning a $200 million mixed-use project at 555 Northwest South River Drive.
Adler Group is also building four towers with a mix of residential, office and hotel uses, as well as roughly 37,000 square feet of retail and a parking garage with a minimum of 1,000 spaces.