Related Urban Unveils Transformative Mixed-Income Development Project in Coconut Grove
A New Chapter for Miami's Housing Landscape
Related Urban, the affordable housing division of the prestigious Related Group, is making waves with an innovative proposal to transform Coconut Grove's housing landscape. The developer has unveiled plans for Gallery in the Grove, a revolutionary $148 million mixed-income development project that promises to reshape the neighborhood's residential offerings while addressing Miami's pressing housing needs.
Project Specifications and Strategic Location
The proposed 20-story tower, designed by renowned Miami-based architects Cohen Freedman Encinosa & Associates, will replace the existing Gibson Plaza at 3160 and 3170 Mundy Street. The development's strategic location across from the Douglas Road Metrorail Station positions it as a prime transit-oriented development, following the successful footsteps of the recently completed Link at Douglas project. The new structure will feature:
- 345 mixed-income residential units combining market-rate, affordable, and workforce housing
- 303 parking spaces to accommodate residents and visitors
- A new county library facility enhancing community resources
- Modern amenities and design elements reflecting Coconut Grove's character
Financial Structure and Public Benefits
The development's innovative financial framework demonstrates Related Urban's commitment to public-private partnerships. Key financial elements include:
- A substantial $1.7 million lump sum payment to Miami-Dade County
- One-time fee of $150,000 for development rights
- Annual asset management fee of $25,000
- 16% revenue sharing from annual net receipts
- Projected county revenue of $561.8 million over the 99-year lease term
Approval Process and Regulatory Requirements
The project faces several crucial milestones in its approval journey. The Miami-Dade County Commission housing committee's review marks the first step, followed by a full commission vote scheduled for March 5. Additionally, the development requires:
- U.S. Department of Housing and Urban Development approval
- Completion of lease negotiations with Mayor Daniella Levine Cava's administration
- Environmental and zoning compliance assessments
Market Context and Urban Development Trends
Gallery in the Grove emerges amid Miami's evolving urban landscape, particularly following the success of nearby developments like Link at Douglas. This 13th Floor Investments and Adler Group project, featuring 733 apartment units and a 30,000-square-foot Milam's Market, demonstrates the area's growing appeal for mixed-use, transit-oriented developments.
Insights
What makes Gallery in the Grove unique in Miami's development landscape?
Gallery in the Grove stands out for its innovative approach to mixed-income housing, strategic transit-oriented location, and substantial public benefits package, including a new library facility.
How does this project address Miami's housing crisis?
By combining market-rate, affordable, and workforce housing units in a prime location, the development creates opportunities for diverse income levels while promoting social integration and accessibility to public transportation.
What impact will this have on existing Gibson Plaza residents?
The development plan must include comprehensive relocation assistance for current Gibson Plaza residents, ensuring their housing needs are met during and after construction.
What are the economic benefits for Miami-Dade County?
Beyond the immediate financial returns, the project promises long-term economic benefits through increased property values, enhanced tax base, and improved public infrastructure.
How does this project compare to other mixed-income developments in Miami?
While Related Urban recently stepped away from the CityPlace Homestead project, Gallery in the Grove demonstrates the developer's continued commitment to mixed-income housing in strategic locations with strong market fundamentals.
This redevelopment initiative represents a significant step forward in Miami's urban evolution, combining affordable housing solutions with transit-oriented development principles. As the approval process moves forward, the project could serve as a model for future mixed-income developments in South Florida's competitive real estate market.
