Coastland Residential plans a 371-unit multifamily project with workforce housing near Miami-Dade County’s Tropical Park, as developers continue to bet on below-market apartments.
Pinecrest-based Coastland wants to build an eight-story building with 7,500 square feet of retail at 4201, 4321, 4351 and 4383 Southwest 75th Avenue in an unincorporated area of the county, according to an application filed to Miami-Dade last month. The site is in the Glenvar Heights neighborhood.
Coastland has the 5-acre site, now home to a collection of warehouses, under contract for an undisclosed price. Norle Properties Corporation and Leal Capital Trust 2, both of which are led by Jose and Leonardo Leal, own the property, records show.
At the proposed building, 55 of the apartments will be designated for households earning no more than 120 percent of the area median income, said Anthony Seijas, Coastland co-founder and president.
Miami-Dade’s annual AMI is $79,400, according to the Florida Housing Finance Corporation.
Coastland is seeking administrative site plan approval from the county, the application shows.
The project will be the first portion of a two-phase multifamily development that Coastland plans. In total, the firm wants to build about 780 units, though this number can change as designs are modified, Seijas said. The second phase would rise on the site of warehouses immediately south of the first phase’s development site.
The area is morphing into a live-work-play neighborhood with an “industrial flair” that is reminiscent of Miami’s Wynwood neighborhood in its early stages of redevelopment, Seijas said.
Wynwood, originally a garment district, was redeveloped about a decade ago and became internationally known for its industrial feel, art galleries and graffiti. It’s now experiencing a second wave of redevelopment, which is promising to transform the traditionally low-rise and mid-rise neighborhood with new high-rises.
Coastland, which Seijas leads with co-founder and principal Alejandro Rodriguez, is a real estate investment and development firm, its website shows. It has a portfolio of over 5,000 multifamily units.
Last year, Coastland dropped $38 million for the 7.8-acre development site at 1556 Northwest 110th Street in Doral, with plans for a 10-story, 690-unit apartment project.
South Florida developers have seized on the high demand for below-market rate units. While the tri-county region for years has struggled with a lack of affordable housing, the issue was exacerbated by an influx of out-of-staters and ensuing record rent growth from 2020 to 2022.
Elsewhere in Miami-Dade, the Pérez family’s Related Group’s affordable housing division plans a 12-story, 316-unit public housing building at 860, 930 and 950 Northwest 95th Street in West Little River.