A developer proposes a 42-unit multifamily project in Ojus, amid a record apartment construction pipeline in South Florida.
Entities managed by Jacobo and Fortuna Toledano of Sunny Isles Beach want to build the eight-story building on a 0.7-acre assemblage on the southwest corner of the Florida East Coast Railway tracks and Northeast 206th Street in unincorporated Miami-Dade County, according to an application filed to the county last month. The development site is at 2646 and 2642 Northeast 206th Street and at 2655 Northeast 205th Street.
River Square, as the project is called, would consist of 30 one-bedroom apartments and 12 two-bedroom apartments. It also would have 48 parking spots.
The Toledanos are asking the county to rezone the site. They filed a pre-application, which is usually done so developers can gauge Miami-Dade staff’s input on proposals before filing official applications.
South Florida’s multifamily market was supercharged from an influx of residents from late 2020 through 2022.This prompted unprecedented demand and record rents, leading developers to seize on the bonanza with new projects.
Across the tri-county region, 34,924 units are under construction, with a record 23,863 apartments expected to be completed by year-end, according to a Berkadia report. In the meantime, demand has tempered as the pipeline of new residents slowed and rent growth has calmed, with rates dropping in some submarkets.
Ojus, a neighborhood near Aventura, has caught some developers’ eyes.
In January, married couple Yakov and Cheryl Cohen proposed an 11-story building with 12 apartments, 120,000 square feet of offices and 4,400 square feet of commercial space at 18802 and 18820 West Dixie Highway.
RAM Realty Advisors and Pinnacle plan the 16-story, 334-unit Aventana building at 19640 West Dixie Highway. They filed a proposal in February to expand their previous plan for a 285-unit building ranging in height from 11 stories to 15 stories.
Also in Ojus, Mill Creek Residential is developing the Modera Aventura project at 2681 Northeast 191st Street and 2660 Northeast 192nd Terrace, which includes a 15-story, 420-unit apartment building that’s under construction. Last month, the developer filed a proposal to downsize the second phase to eight stories and 251 units from the previously planned 15 stories and 420 units.