It’s the newest residential development to go vertical in Downtown Miami—and it tackles two of the biggest challenges in the city’s recovering housing market.
Brickell View Terrace addresses the lack of market-rate rental apartments and the shortage of affordable housing options within the urban core. The multifamily tower is a joint venture between Pinnacle Housing Group and East Little Havana Community Development Corporation. Located at 940 Southwest 1st Avenue, the 23-story apartment building will combine 76 traditional multifamily units and 100 affordable housing units within a single building.
The project marks the first mixed-income multifamily building to be developed in Miami. Miami, ranked as the nation’s least affordable major city according to the Center for Housing Policy, becomes the latest US market to adopt the mixed-income model, which has proven effective in cities from New York to San Francisco.
“Just as Miami’s luxury condo market garners headlines around the world, there’s a growing need for safe, affordable, well-located places to live,” says Mitchell Friedman, partner with Pinnacle. “Brickell View Terrace will offer residents all the conveniences of urban living within close proximity of public transportation links and Miami’s major employment hubs.”
Set for completion in late 2015, the construction of Brickell View Terrace is getting under way just as an amendment to the City’s Miami 21 zoning code passes. The amendment aims to encourage residential development combining market-rate and affordable units.
“The strongest urban cores in the nation are home to a healthy mix of housing types catering to residents from all points of the economic spectrum,” says Pinnacle partner David O. Deutch. “With funding for traditional affordable housing development in Florida becoming increasingly scarce, mixed-income projects are a viable method for meeting demand and getting worthy projects built.”
Brickell View Terrace will offer community rooms, a cyber cafe, two fitness centers, and a picnic area with outdoor game tables, car care area, electric car charging stations, and a park with gazebo. The multifamily project is next to Miami’s Brickell Metro Rail Station, just west of Mary Brickell Village on Southwest 1st Avenue between Southwest 9th street and Southwest 10th Street. Brickell View Terrace will offer one-, two- and three-bedroom apartments.