The 5050 Residences: Miami-Dade’s Expanding Housing Development
Miami-Dade County is witnessing a significant transformation in its housing landscape with the expansion of the 5050 Residences. Originally conceived in 2020 as a modest four-story building with 40 one-bedroom apartments, each spanning approximately 800 square feet, this development has now leaped in scale and ambition.
In response to the escalating demand for housing in the region, the 5050 Residences have undergone a substantial revision in their plans. The development now boasts an eight-story structure, offering a total of 82 residences. This expansion not only increases the number of available units but also diversifies the types of living spaces. The revised layout plans range from efficient studios to spacious two-bedroom residences, with sizes varying from 430 to 1,067 square feet.
However, the expansion of the 5050 Residences isn't just about adding more residences. The project, visualized by SD Collaborative, has also seen adjustments in other aspects. Originally, the proposal included 1,983 square feet of ground-floor retail space and provision for 23 parking spots. The latest plans have scaled down the commercial space to 1,151 square feet, a reduction of nearly 42%. Additionally, the number of parking spots has been reduced to 17, indicating that tenants at the 5050 Residences will not have guaranteed parking spaces.
Set to potentially commence construction in 2025, the 5050 Residences are strategically located at 5050 N.W. 22nd Avenue, Miami, FL, 33142. This location places the development in a prime area within Miami-Dade County. The project is a venture of RE Opportunity Fund LLC, which acquired the 0.38-acre site for $350,000 in 2018. As of now, the site remains vacant, poised for its transformation into a vibrant residential community.
The 5050 Residences represent a dynamic shift in Miami-Dade's approach to urban living and housing development. By doubling the number of residences and revising the layout and amenities, this project is set to cater to the growing demand for diverse and flexible living spaces in the region. As Miami-Dade County continues to evolve, developments like the 5050 Residences are crucial in shaping its residential landscape.
