Keystone Targets 90-Unit Office-to-Resi Conversion in Dadeland, Miami

Key Points

• Keystone Property Group files for Phase 3 of a multi-phase project to convert offices to apartments on an 8.3-acre site in Downtown Dadeland.

• Plans call for converting 113,120 SF at 9500 S. Dadeland Blvd into 90 residential units—part of a phased pivot from office to multifamily.

• With 898 parking spaces and a future 219-unit tower also planned, the project could bring nearly 600 units to the corridor.

Keystone Property Group is doubling down on its office-to-residential strategy in Miami’s Downtown Dadeland, with a new application to transform another mid-rise office tower into apartments. It’s the third step in a long-term master plan that’s reshaping a dated office campus into a viable multifamily asset.

What’s the Plan?

• Location: 9200–9500 S. Dadeland Blvd.
• Owner/Developer: Keystone Property Group (via Dadeland Towers North & Metro LLC)
• Current Site Use: 3 office buildings + parking garage, 405,462 SF total

Phased Conversion Overview

• Phase 1 (Approved): 25-story, 365-unit apartment tower (Hyve Dadeland)

• Phase 2 (Underway): Convert 145,441 SF at 9400 Dadeland Blvd into 121 units

• Phase 3 (Filed): Convert 113,120 SF at 9500 Dadeland Blvd into 90 units

• Phase 4 (Planned): Replace parking garage with a 219-unit tower (future filing)

The site plan—developed with Kimley Horn—calls for 898 total parking spaces, including 118 surface and the rest in garages.

Why It Matters

Existing Infrastructure = Lower CapEx

Keystone is converting buildings from the 1970s and 80s without needing to change their footprint—saving money on demolition and speeding up timelines.

Demand for Multifamily Still Strong

Downtown Dadeland is transit-oriented and walkable, a key draw for renters post-Covid. The area has limited Class A rental product, and the hybrid work era continues to pressure traditional office leasing.

National Trend, Local Lag

While office-to-resi conversions have surged in cities like NYC and Chicago, South Florida has been slower to adapt. Keystone is one of the few players making it work, thanks to smaller floor plates and adaptable layouts.

Market Insight for CRE Investors

• Vacancy pressure is real: U.S. office vacancy hit ~20% in mid-2025. Underutilized buildings in suburban-style markets like Dadeland are ripe for adaptive reuse.

• Conversions beat tear-downs: In areas without upzoning (unlike Brickell or Downtown Miami), mid-rise office conversions often make more sense than starting from scratch.

• Zoning flexibility is key: Miami-Dade officials are showing willingness to amend master plans, a critical factor in keeping projects moving.

Keystone’s methodical repositioning of Dadeland’s office stock into residential is a textbook case of adaptive reuse done right. With almost 600 units potentially on the table, it’s one of the more ambitious conversion projects in South Florida. For owners, brokers, and investors, this move highlights the growing appeal of multifamily reconfiguration in legacy suburban office campuses.