Trammell Crow proposes 324 apartments in Miami-Dade’s Coral Terrace, puts land under contract
Trammell Crow Residential wants to build a 324-unit multifamily complex on land it has under contract in the Coral Terrace neighborhood, marking the developer’s continued bet on Miami-Dade County’s apartment market.
The Dallas-based developer proposes Alexan Ludlam on an 8.7-acre industrial site near the southeast corner of Coral Way and Southwest 72nd Avenue, according to an application for a rezoning submitted to the county last week.
The complex would consist of four buildings, ranging from four to five stories, with at least 5 percent of the units priced as workforce housing rentals. A clubhouse and pool would face the 5.6-mile Ludlam Trail linear park to the east of the site.
The property currently consists of land and warehouses on two lots, with five addresses: 2811 Southwest 70th Avenue, 2900 Southwest 69th Court, 7051 Southwest 30th Road, and 2850 and 2950 Southwest 71st Avenue.
The application does not include details on the contract price of the property.
Trammell Crow, the multifamily arm of real estate investor and developer Crow Holdings, also is asking the county for a change to the comprehensive master plan, a county guide for growth and new construction. It is also requesting approval to build 510 parking spaces, as opposed to the currently required 530, according to the application.
The proposal comes on the heels of Trammell Crow submitting a county application for a 576-unit community that would be part of the larger proposed Kendall Town Center mixed-use development.
That complex would span 20.2 acres on the western side of the 70-acre Kendall Town Center tract, which is between Southwest 88th and 91st streets, and between Southwest 162nd and 158th avenues.
Crow Holdings, led by CEO Michael Levy, has $24 billion of assets under management, according to its website. Crow Holdings also has industrial and office development divisions.
Trammel Crow’s play on South Florida multifamily development comes amid a robust market. Landlords are increasing rents in light of the population influx, and investors are scooping up or developing new apartment projects.
In November, Trammell Crow paid $9.8 million for a Miramar site where it wants to build a 250-unit apartment complex.