The Altman Companies, a multifamily development subsidiary of Fort Lauderdale’s BBX Capital Corp., is acquiring a development site in the Biscayne Shores area of Miami-Dade County. In September, the developer submitted a pre-application to county officials for an 11-story development on a 3.25-acre site at 11240 Biscayne Boulevard, designed by Cohen Freedman Encinosa & Associates. The currently vacant property is being purchased from Miami-based Bianca Investments.
According to the South Florida Business Journal, a previous development application for this site existed. In 2022, Integra Investments from Miami inquired with county officials about the number of residential units permissible on the property if rezoned to a “residential modified district.” In response, the officials indicated a potential for 176 residential units.
11240 Biscayne Boulevard in January 2023. Photo from Google Maps.
Subsequently, though the property remained unsold, the County Commission sanctioned a Rapid Transit Zone (RTZ) in several regions across the county, specifically near public transportation routes.
In the latest submission, Altman seeks a particular exception to develop 11240 Biscayne under the RTZ SMART corridor subzone, incorporating a workforce housing incentive. The proposed design includes 373 apartments over 11 stories and a parking facility with 608 spaces. Of these apartments, 12.5% are intended for workforce housing, divided into two studio apartments, 179 one-bedroom units, 175 two-bedroom units, and 17 three-bedroom units.
Local attorney Matthew Amster represents the developer in the application process.
Recent times have witnessed increased development activity along Biscayne Boulevard north of Miami. This is partly attributed to rising rents in central urban neighborhoods like Brickell and Edgewater, making these areas less accessible for many renters. As a related observation, the Biscayne Breeze Mobile Home Park, located just north of the site in discussion, is also being considered for acquisition by another developer with plans for apartments and retail spaces.