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July 29.2025

2 Minutes Read

Unlocking Edgewater's Potential: Live Local Act Approval Sparks Development

Amit Kort, Ofir Gabriel partnership score Live Local Act approval for Edgewater site

Edgewater's Future: A New Chapter for Miami's Skyline

The recent approval of the Live Local Act for an Edgewater site marks a significant turning point in Miami’s real estate development landscape. The partnership of Amit Kort and Ofir Gabriel, operating under the name Tulip Developments Group, is poised to transform a modest assemblage of 0.8 acres into a soaring 47-story residential tower. This project promises not just to add height to the skyline but also to cater to the community's pressing need for affordable housing.

Understanding the Live Local Act

Under Florida's Live Local Act, a crucial incentive for developers, projects can be constructed with higher density than what current zoning laws typically permit. By dedicating 40% of units for households earning up to 120% of the area median income (AMI), the act plays a pivotal role in addressing workforce housing shortages. With Miami-Dade County's AMI for a one-person household set at around $86,800, developers like Tulip ensure these vital housing options are within reach for more residents.

Economic Benefits and Community Impact

The approval of this project is not just about luxury high-rises; it's also about revitalizing areas that need it most. Located in an Opportunity Zone, this site allows investors to enjoy tax benefits while uplifting potentially underdeveloped neighborhoods. The Live Local Act approval, combined with transit zone bonuses, enhances the project's viability and its capacity to accommodate the diverse needs of the Miami population.

A Vision Driven by Local Needs

Designed by prominent Miami architect Kobi Karp, the development isn’t solely focused on market-rate units. With plans for 296 market-rate apartments, 203 workforce housing units, and retail opportunities on the ground floor, the project is set to foster a vibrant community-centric atmosphere. This mix of high-density living and local commerce aims to ensure that residents have access to essential services right by their homes.

Conclusion: What's Next for Buyers?

As Miami continues to evolve, the need for balanced and inclusive development becomes ever more urgent. This new project by Tulip is not only a response to that need but also a model for future undertakings in the city. Florida homeowners and potential buyers in the area should stay informed about these developments, as the changing landscape may open opportunities for more affordable housing options in the near future.

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07.29.2025

Crow Holdings Acquires 376-Unit Apartment in Davie for $97.5 Million

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07.28.2025

Ockap Caviar Restaurant and Financial Shift: A New Era for South Beach

Update Ockap Caviar: The New Culinary Attraction in South BeachMiami Beach is set to welcome a fresh culinary gem—Ockap Caviar & Cuisine will open its second location at One Ocean in the highly sought-after South of Fifth neighborhood. The restaurant is making waves as it occupies a spacious 3,200 square feet with a remarkable lease rate of $175 per square foot, a record-breaking figure in the area.Financial Firms Move to Bay Harbor IslandsAlongside the opening of Ockap, Bay Harbor Islands is attracting attention from financial industries as Legacy Wealth Advisors and NewCo Capital Group relocate their headquarters to Terra’s new development, The Well. Legacy will occupy a 5,000-square-foot space, while NewCo will take an 8,800-square-foot office. This movement showcases not only the upscale amenities of the area but also a trend toward improved business environments focused on health and wellness.The Impact of New Rentals on Local BusinessesThe real estate trends seen in Miami Beach and Bay Harbor Islands reflect a growing demand for premium lifestyle offerings. Ockap's arrival adds to an already vibrant restaurant scene, enticing food enthusiasts. Meanwhile, the financial firms bolster the local economy, signaling opportunities for further development and growth.Local Amenities and Community DevelopmentThe Well at Bay Harbor Islands promises a blend of functionality and wellness, featuring air and water purification systems and spacious rooftops that enhance community living. The inclusion of an organic market and fitness programs in its residential component emphasizes a lifestyle trend focusing on health, attracting a clientele that values both luxury and well-being.Conclusion: Embracing Change in South FloridaThe movements in both culinary and business sectors illustrate a dynamic shift in South Florida's real estate landscape. For Florida homeowners, these developments not only enhance community offerings but also increase property values as the demand for premium experiences fuels real estate growth. Stay informed and embrace the changes shaping your community.

07.28.2025

Capstone and Alta Launch Luxury Student Housing Near UM

Update Luxury Student Living: A Growing Trend in Miami Capstone Collegiate Communities and Alta Development are stepping into the future of student housing with a bold new project near the University of Miami. This 16-story, 189-unit luxury complex aims to cater specifically to affluent students looking for high-quality living spaces while they pursue their education. Understanding the Investment Landscape With an increasing number of developers focusing onstudent housing, this partnership marks a vital shift towards luxury accommodations. As reported, each unit will be fully furnished and equipped with premium amenities such as two pools and saunas. The complex is strategically located on sites that encompass 0.8 acres, making it a prime investment opportunity in a desirable area. Community Impact and Demand This project not only fulfills the growing demand for upscale student accommodations but also signifies the continuing trend of investing in student housing as a viable asset class. Recent transactions worth billions highlight the market’s potential, including Blackstone's $1 billion refinancing deal for a sizable student housing portfolio. With projects like these, Miami is becoming a hotspot for luxury student living. A Focus on Affluence Jonathan Pavlov, Alta's executive vice president, emphasizes that the target market for this project comprises wealthy students. "We are going luxury here," he states, suggesting a shift in focus to meet the lifestyle expectations of the University of Miami's student population. This approach not only sets the project apart but also aligns it with forward-thinking real estate strategies. Looking Ahead: Construction Timeline Scheduled to break ground in 2026 and expected to wrap up by 2028, this development is poised to significantly enhance the local housing landscape. As both companies gear up for this ambitious project, they are set to play a pivotal role in shaping the future of student accommodations in Florida. If you're an interested Florida homeowner or investor, keep an eye on the evolution of this project and similar developments. Understanding these trends can offer valuable insights into the local real estate market and what it means for future investment opportunities.

Unlocking Edgewater's Potential: Live Local Act Approval Sparks Development

Edgewater's Future: A New Chapter for Miami's Skyline

Understanding the Live Local Act

Economic Benefits and Community Impact

A Vision Driven by Local Needs

Conclusion: What's Next for Buyers?

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