An affiliate of Habitus Capital is moving forward with a mixed-use venture in Miami-Dade County’s Coral Gate neighborhood.
Developer Habitus Coral Gate RFII-B LLC has started construction on a nine-story building set to occupy a 19,712-square-foot site. It formerly hosted a shopping plaza that has since been demolished. The firm acquired the parcel for $4 million in 2023.
Plans call for 67 apartments and 3,589 square feet of retail. Ballast Construction is the general contractor. Construction itself could take anywhere from 12 to 18 months to complete, although this hasn’t been officially confirmed. The project is estimated to cost $29.4 million, with funding coming from Hall Structured Finance.
The site once hosted a shopping center. Image from Google Earth
Developers have not filed for affordable or workforce housing incentives, so these will likely be market-rate apartments. At the time of publication, the average cost of rent for a 692-square-foot apartment in Miami was $2,241, according to Apartments.com.
Miami-Dade County is seeing a construction boom. On October 20th, the Miami-Dade County City Commission considered plans for two eight-story buildings that would host 800 units. Another project is taking shape in Brickell, where a 44-story tower could occupy a narrow 0.4-acre site.
The nine-story project is unfolding at 1546 S.W. 27th Ave, Miami, Florida, 33145, in Miami-Dade County.
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