Blue Road Plans 139 Unit Apartment Project in North Miami

Blue Road’s Marcelo Tenenbaum and Jorge Savloff with Emblem Tower (Northmiamifl, Blue Road, Marcelo Tenenbaum, iStock)

Developer Blue Road has been granted conditional approval to build a 20-story, 139-unit multi-family development in North Miami.

Emblem Tower Apartments is planned for a site just west of I-95 along Northwest 7th Avenue, a major north-south thoroughfare that doubles as State Road 7.

“This project will likely be the first development of any kind on this stretch of Northwest 7th Avenue in decades,” said Steven Wernick, a Miami-based attorney advising the development team. “There was no opposition to any of the public hearings.”

The transit-oriented development site is zoned C-1, or “Commercial District,” but is in a municipal overlay district where dense residential development is encouraged. The planned corridor development overlay district allows up to 125 housing units per acre, Wernick said. “It also comes with design criteria and a pretty solid durability checklist,” he said.

The North Miami Beach City Council on Wednesday unanimously approved a conditional use permit for the Emblem Tower project at the market rate, which is still subject to development review by city staff and the approval of the site plan by the municipal council.

The conditional use permit gives Bay Harbor Islands-based Blue Road up to 18 months to obtain a building permit for Emblem Tower, and construction will take 24 months, Wernick said.

Market rate rents at Emblem Tower will likely average around $2,500 per month and the building’s studio, one-bedroom and two-bedroom apartments will likely attract young professionals and store managers from retail, among other types of tenants, said Jorge Savloff, who runs Blue Road, along with Marcelo Tenenbaum.

Blue Road paid $4 million about five years ago for the development site at the intersection of 7th Avenue Northwest at 121st Street Northwest, Savloff said.

The 1.1 acre Emblem Tower development site now includes an automotive transmission shop, truck depot and vacant land. The site is an assemblage of five parcels at 12041 and 12065 Northwest 7th Avenue, 654 and 660 Northwest 21st Street, and vacant land where Northwest 21st Street meets I-95.

Ivan Busto of Miami Beach-based real estate firm Buslam Company Partners is assisting Blue Road in the development of the Emblem Tower, and Uruguayan architect Carlos Ott is design consultant on the project.

In North Miami Beach, Blue Road and Fortune International Group launched pre-construction sales last month for Nexo Residences, a 16-story condo development with 254 units on a waterfront site at 13899 Biscayne Boulevard. Unit prices range from $400,000 to just over $1 million, and Nexo will have liberal rules for short-term rental of units.

Source link