Acre Clears Hurdle for 337-Unit Legion Park Apartments With Public Parking, $1M Deal

Key Points

• Acre wins approval for 337 unit Adela II near Legion Park
• Developer agrees to public parking and a $1M mitigation payment
• Financing secured, construction expected to start in 2–3 months

Inside the Adela II Project

The project, called Adela II, is planned for 645 NE 64th Street, just south of the city’s 48-acre Legion Park and adjacent to Acre’s existing Adela at MiMo Bay apartment complex. Plans call for a 530,000 square foot development across a 17-lot assemblage, well below the 700,000 square feetallowed by zoning. The project will include:

• 337 market-rate apartments
• At least 20 workforce housing units
• 5,000 SF of retail
• A public paseo
• A 502-space parking garage, including 76 public spaces

Concessions Unlock Approval

To secure approvals, Acre agreed to two notable concessions:

• Creation of public parking near Legion Park
• A $1 million mitigation payment to the office of Christine King, whose district includes the Upper East Side and surrounding neighborhoods

The Miami Planning, Zoning, and Appeals Board approved the project this week, allowing Acre to build the site as a single development.

Financing Is Already in Place

The project is fully capitalized, according to Acre. Financing includes:

• A loan from Canyon Partners
• Equity from Acre Fund VI
• With permits still pending, Acre expects to start construction within two to three months, signaling near term delivery momentum.

Rents and Market Context

Rents at Adela II are expected to mirror Acre’s nearby Adela at MiMo Bay, completed in 2020 and refinanced for $72 million last year. Current rents there range from roughly $2,500 to nearly $5,000 per month, underscoring continued strength in Miami’s urban waterfront submarkets. The rezoning approved in 2024 capped density at 337 units and explicitly blocks future owners from using Florida’s Live Local Act to increase density, reducing entitlement risk but limiting upside.

Bottom Line

Adela II shows how negotiated concessions and early financing can keep multifamily deals moving in Miami’s complex approval environment. For landlords, the project reinforces continued confidence in Upper East Side rents, even as developers accept tighter zoning and public benefits to get shovels in the ground