Keystone Development + Investment wants to build a high-rise apartment complex with almost 600 units near Dadeland Mall, an area experiencing an uptick in multifamily investment appetite.
The Hyve Dadeland project would have three towers with a combined 596 units on 8.3 acres south of Southwest 88th Street and from the Palmetto Expressway east to South Dadeland Boulevard, according to an application Keystone submitted to Miami-Dade County this week. The plan is to incorporate at least some of the existing office space on the site in the new project.
The first phase of the project will be a 25-story, 287-unit building on the northern end of the property at 9200 South Dadeland Boulevard. Units will range from one to three bedrooms, according to the site plan.
In the second phase, Keystone wants to build two more buildings with a combined 309 units on the southern end of the property at 9400 and 9500 South Dadeland Boulevard. The towers’ heights are not specified in the application, but the area caps buildings at 25 stories.
West Conshohocken, Pennsylvania-based Keystone already owns the entire site. It paid a total of $77.5 million in two deals in 2008 and 2018, property records show.
The property currently consists of five office buildings and two garages.
The office space is about 90 percent leased, according to Randy Johnson, vice president and director of Keystone’s Southeast Region. Keystone is renovating the offices and will retrofit some of the ground-floor square footage as retail and dining space, Johnson said.
Keystone, led by CEO Bill Glazer, is seeking the county’s administrative site plan review and approval for only the first phase. An application for the second phase will be filed in the future.
This is at least the second multifamily development proposal filed in recent months for a project near Dadeland Mall.
In February, New York City-based Macklowe Properties proposed a pair of 25-story buildings with 650 units on 1.7 acres near the Dadeland North Metrorail station. Macklowe Properties has the land under contract.
South Florida’s robust multifamily market, fueled by demand created by population influx, has allowed landlords to increase rents, while catching developers’ interest.
Several other new projects are proposed in neighborhoods south of Miami’s urban core. In Homestead, Dallas-based McDowell Properties wants to build the seven-story, 201-unit Coronado Park at 29500 Old Dixie Highway.