A major mixed-use project that would include an assisted living facility, workforce apartments and retail space is planned for North Miami, The Real Deal has learned.
Markus Frankel, president of Bay Harbor Islands-based Frankel Benayoun Architects, presented the mixed-use development proposal to a small, but engaged, community gathering in North Miami earlier this week. The development, which will be located at 950 Northeast 124th Street, if approved, will be the first complex of its kind in the area.
The plan for the development, which is still being tweaked, will have roughly 325,000 square feet, including rooftop recreational areas. The three-building complex, on the site of a 1.95 acre abandoned parking lot, will include a high-rise tower with 175 workforce apartments, a mid-rise assisted living facility, more than 10,000 square feet of ground floor retail and a four-story, freestanding garage, which will be hidden from the street by plants. The garage, which is in the middle of the complex, will not be attached to any of the buildings, because an attached garage with functions above it would add to the cost, Frankel told the gathering.
The developers of the 124th Street project are Blue Road Developers LLC and the Upper Manhattan Development Corp., both with offices in Bay Harbor Islands. They declined to give an estimate of what the development will cost, citing a variety of contingencies, including upcoming discussions with lenders and contractors as well as the city approval process itself that could change the nature of the project.