Increased Density Mixed-Use Development the Future of Wynwood

Miami’s Planning, Zoning and Appeals Board has approved a change in the city zoning ordinances that would allow the densest mixed-use building in the area to be constructed. The application still requires approval before the City Commission. The Board voted 7-1 in favor of developer Wynwood 250‘s request for a zoning change, giving it the ability to build one or more eight-story structures and up to 80 apartment units on a half-acre parcel on NW 24th Street.  Wynwood could see a lot more new construction of mixed-used buildings with higher densities if Miami’s Planning, Zoning and Appeals Board continues to grant these kinds of approvals in favor of developers.

Thus far, development in Wynwood has mainly consisted of adapted re-use: taking existing buildings and renovating them to be used for other purposes.  Up until now, loft-style residential units have been the norm in Wynwood.  With higher density development on the table, developers will be able to provide numerous, smaller-sized apartments.  Wynwood is not know as a luxury community, so these smaller-sized apartments will likely be in high demand.

There are a number of proposed projects currently in the approvals process in Wynwood.  Developer David Edelstein has submitted a proposal for a mixed-use project on 1.75 acres at 2801 NW Third Avenue, which would include over 200 residential units, nearly 40,000 square feet of retail space and 19,000 square feet of offices.

Mixed used developments of this scale present their own unique challenges from a legal perspective.  Since the different uses within a mixed-use project often have competing interests, it is important for the developer to reconcile those interests, and developer’s counsel must document those reconciliations and use appropriate structuring devices to ensure the project’s success.

 

Topics:  Economic Development, Housing Developers, Land Developers, Real Estate Development

Published In: Construction Updates, Commercial Real Estate Updates, Residential Real Estate Updates, Zoning, Planning & Land Use Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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