Related Group Requesting Permission to Develop Mixed Use Project on Miami River

The Related Group's affordable housing division, Related Urban Development Group, is requesting permission to develop a mixed-income housing development on Miami-Dade County property close to the Miami River.

The ground lease and development agreement with the Miami-based developer for the 1.05-acre site at 395 N.W. 1st St. and 25 N.W. River Drive will be up for consideration by the County Commission on September 1. There is a two-story county office building there right now.

The site is close to Interstate 95 to the west, Flagler Street Bridge to the north, and Lummus Park to the south.

In January 2021, the county released a request for proposals (RFP) to find a developer for the land, and Related Group was selected as the successful bidder.

The developer would lease the land from the county under the proposal for 75 years in exchange for a $1.54 million down payment and annual fee equal to 16.5% of the project's revenue flow. Over the course of the lease's 75-year term, the county calculated that the payments would total $238.8 million.

The Gallery at Lummus Parc was a project that Related Group predicted would cost $151.7 million to complete.

It would include 439 apartments in two 30-story towers, as well as 5,400 square feet of retail space, a 478-place parking garage, and a cultural installation showcasing Lummus Park's heritage. An overpass over Northwest First Street would connect the towers.

On the eleventh floor, there would be an amenities deck with a pool, a club room, a workout facility, Zoom rooms, a game room, and a lounge.

Some of the apartments would have cheaper rents and be income-restricted. According to the agreement, 20% of the flats would be reserved for residents earning up to 50% of the area median income and another 20% for residents earning up to 140%. There would be no constraints on income for the remaining flats.

Miami's average household income is $44,268. The Gallery at Lummus Parc is anticipated to fill some of that demand as local workers have found it more and more difficult to afford residences in the city due to recent double-digit rent increases.

The sizes of the flats would be between 495 and 1,220 square feet. There would be 28 three-bedroom homes, 99 studios, 177 one-bedroom units, and 135 two-bedroom units.

The Related Group representatives declined to comment. According to the proposal, a federal opportunity zone investment fund, Charlotte, North Carolina-based Grandbridge Real Estate Capital, and low-income tax credit equity from JPMorgan Chase and Raymond James would all contribute to the project's partial funding.

The concept was created by Miami-based CFE Architects. The developer is represented in the application by Miami attorneys Terry M. Lovell and Al Dotson Jr.