Amit Kort & Ofir Gabriel Relist Edgewater Site for $34M with Live Local Act Approval

Key Points

• $34 M listing price for a 0.8-acre assemblage at 3350 Biscayne Blvd & NE 34th St in Edgewater.

• Approved for a 47‑story rental tower with 499 apartments including 203 workforce at ≤120 % AMI (~$86,800 for single‑person) under Florida’s Live Local Act.

• Former plan was a 44‑story condo/off‑ice project; Live Local Act enabled conversion to rental with density and height bonuses.

A joint venture led by Amit Kort and Ofir Gabriel (Tulip Developments Group, alongside Berlin‑based Karl‑Ulrich Ansorg and Yakov Elbaz), just secured a major win: Miami City approval under the Live Local Act for a 47‑story tower at 3350 Biscayne Blvd in Edgewater. With the project relisted for $34 million, investors are watching closely — this isn't just development, it’s a strategic pivot to affordability-driven density.

Building Value and Zoning Upside

• Originally listed at $32 M in February, the JV purchased the six‑parcel assemblage in 2022 for just $16.5 M, snapping up Opportunity Zone benefits from sellers David and Leila Centner .

• Live Local Act triggered height and density boosts: rising from a 44‑story condo/office mix to a 47‑story, 499‑unit rental tower. Workforce housing mandates (40% at ≤120% AMI) unlock the bonuses .

Design & Program

• Designed by Kobi Karp, the project will offer:

  • 296 market‑rate units

  • 203 affordable/workforce units

  • 5,555 sf of ground‑floor retail along Biscayne Blvd .

• The redesign replaces the prior plan of 172 condos, 100,000 sf of office, retail, and a 420‑space garage .

Broader CRE Context & Trend

• Live Local Act has sparked a development boom across Edgewater, Little Havana, Cutler Bay, and Fontainebleau.

• Sense 22, a 36‑story, 328‑unit project led by Gonzalo Espinosa, recently won approval with 40% workforce housing under the same incentives .

• In Cutler Bay, Terra is advancing a 724‑unit Live Local Act redevelopment; Related Group submitted plans for a 1,038‑unit project at Little Havana .

These Live Local Act moves are reshaping the investment playbook—developers are now evaluating workforce housing mandates as upside levers, with density, tax, and land‑use perks built in.

Investor Insight & Takeaway

• For landlords and CRE investors: this project illustrates how public policy creates private value. Tulip’s value-add wasn't just rezoning—it was repositioning the asset to attract affordable housing‐focused investors.

• The shift from condo to rental with workforce housing anticipates long‑term cash flow stability, while the Opportunity Zone tax benefits compound returns.

• The Edgewater corridor continues to heat up—Biscayne Blvd frontage + transit zone eligibility + workforce housing make this a high‑margin target for institutional capital.

The Amit Kort–Ofir Gabriel JV demonstrates how Jefferson‑style zoning instruments like the Live Local Act can convert modest sites into top‑tier urban rental developments with embedded affordability. By aligning investor interests with affordability mandates, the project punches above its weight: $16.5 M basis, now leveraged to unlock a 499‑unit tower in a transit‑rich corridor. Real estate investors should watch similar rezoning plays in Miami’s Opportunity Zones—these aren’t just deals, they're policy‑driven pipelines worth targeting.