Vertical Real Estate Brokers Plan 400-Unit Tower in Allapattah Under Live Local Act

Key Points

• 400-unit development proposed in Allapattah, with 40% designated as workforce housing 

• Includes 40 micro-units ranging from 275 to 399 sq ft, leveraging proximity to the Santa Clara Metrorail station 

• Developers may build or sell the entitled site, aiming to capitalize on Live Local Act incentives 

• Urban Development Review Board vote scheduled for Wednesday, April 23 

Brokers Aim to Redevelop Allapattah Site with 24-Story Residential Tower

High-profile commercial real estate brokers Lyle Stern and Kerry Newman, of Vertical Real Estate, have proposed a 24-story, 400-unit residential tower in Miami's Allapattah neighborhood. The project, designed under Florida's Live Local Act, aims to provide affordable housing while taking advantage of zoning incentives.

• Project Overview: 24-Story Tower with Mixed-Size Units

• Location: 2186 NW 13th Ave and 1330–1342 NW 22nd St, Miami

• Size: 24 stories, totaling 490,578 sq ft

• Units: 400 apartments, including 40 micro-units (275–399 sq ft)

• Amenities: 17,800 sq ft of commercial space, 335 parking spaces, and a sixth-floor amenity deck with a pool​.

The development site, which currently houses two warehouses built over 80 years ago, is within a quarter-mile of the Santa Clara Metrorail station, which qualifies it for parking reductions under city code. 

Leveraging the Live Local Act for Affordable Housing

The Live Local Act, enacted in 2023, allows developers to bypass local zoning restrictions if at least 40% of the units are designated as affordable or workforce housing. In this proposal, 160 units will be reserved for households earning no more than 120% of the area median income. ​

This legislation also offers property tax exemptions, making such developments more financially viable. The act has spurred a wave of similar proposals across South Florida, as developers seek to capitalize on these incentives. ​

Developer Strategy: Build or Sell

Stern and Newman, who acquired the site for $5.3 million in 2016, are considering either developing the project themselves or selling the entitled land to another developer. The decision hinges on market conditions and potential profitability. ​

Market Implications

This proposal is part of a broader trend of Live Local Act projects reshaping Miami's housing landscape. Other notable developments include a 41-story, 234-unit tower in Wynwood Norte and a 410-unit project on Coral Way. ​

The outcome of the Urban Development Review Board's vote on April 23 will be a key indicator of the city's stance on such developments. It could influence future projects under the Live Local Act.​