Continua Developments' Second North Miami Multifamily Development Breaks Ground

Key Points

• Expanded Footprint: An 11-story mixed-use tower with 240 rental units and 21,967 sq ft of retail, building on their first North Miami project.
• Workforce Housing Angle: 80-90% of units reserved for moderate-income renters, tapping into incentives and steady demand.
• Long-Term Horizon: Ground broken in December 2025, with completion slated for Q4 2027, positioning for Miami's sustained multifamily growth.

Continua Developments has broken ground on its second multifamily project in North Miami, Urbania NoMi 6th Ave, a strategic expansion in the area's rental market. Partnered with SP Developments, this 11-story development at 12830 NE 6th Ave underscores the firm's US push, following their nearby Urbania NoMi 125th St. With a $58.9M build cost, it targets workforce housing amid rising demand.

The Project Breakdown

The 105-foot tower features 240 units: 90 one-bedrooms and 150 two-bedrooms, designed for efficient layouts. Ground-floor retail spans 21,967 sq ft, adding revenue diversity, while a fourth-floor amenity deck includes a pool, fitness center, lounge, and game room for tenant retention. The mixed-use setup enhances urban appeal in a 1.3-acre site, with parking integrated for practicality.

Partnerships and Financing

Continua teams with SP Developments for this venture, leveraging shared expertise in multifamily. While specific financing details for this project aren't disclosed, their prior North Miami deal secured $50M, hinting at similar lender support like First American Bank. Property management by Strategic Properties ensures operational efficiency post-completion.

Market Context

North Miami's growth, driven by proximity to downtown Miami and transit, fuels multifamily demand. This project aligns with a development boom, offering moderate-income units to address affordability while capturing premium rents from market-rate portions. With Miami's rental vacancy low and rates climbing, such assets promise stable yields.

Why This Matters for Investors / Landlords

For multifamily investors, Urbania NoMi 6th Ave highlights the value in workforce housing: potential tax credits, reduced vacancy risks from income-qualified tenants, and resilience in economic shifts. Landlords can mirror this by targeting infill sites in emerging submarkets like North Miami, where mixed-use adds ancillary income and boosts NOI. In a high-cost environment, partnering for scale minimizes risk while unlocking larger deals.

Confidence in Rental Product

Continua's second North Miami ground breaking signals confidence in the region's rental trajectory, offering a model for diversified, incentive-driven developments. Investors should monitor similar opportunities to build portfolios resilient to market cycles.