Urban-X Group is in the process of proposing the development of a 28-story apartment tower, an expansion of their completed River Landing Shops & Residences mixed-use project. The proposed tower, named MidRiverVu, is slated to consist of 475 rental units along with a 533-space parking garage, situated on a 2-acre plot at 1411 Northwest North River Drive.
This endeavor represents an augmentation of the existing River Landing development, which was finalized by Urban-X in 2020 at 1500 Northwest North River Drive. River Landing was executed as a Special Area Plan (SAP), permitting developers with a minimum of 9-acre sites to construct beyond the limits set by the city code, in return for public amenities like green spaces.
Urban-X is currently seeking city approval to extend the SAP designation to encompass the new apartment tower location, positioned directly north of the already completed section of River Landing. The Miami Urban Development Review Board is anticipated to review the proposal in an upcoming meeting, the date of which has yet to be scheduled. The item was deferred from the previous Wednesday’s meeting.
The original River Landing SAP, sanctioned by the city in 2013, allowed for the potential development of over 1,000 units. However, the completed project comprises 528 apartments, as per filings with the city. The site for the new tower permits up to 300 units. If Urban-X’s SAP expansion request is granted, the developer will be able to allocate an additional development capacity of 175 units to the new project.
Records indicate that an entity spearheaded by Hellinger and Penabad procured the development site through several transactions in 2019 and 2020, totaling $13.2 million.
River Landing, encompassing 360,000 square feet of retail and commercial space, in addition to 135,000 square feet of office space, was realized on an 8-acre expanse. The property, spanning 2.2 million square feet, is presently owned by Canada-based H&R REIT.
This project is recognized for catalyzing the redevelopment of the Miami River District.
This year, Hyatt and Gencom secured city approval for a 99-year lease on the publicly owned site of the James L. Knight Center and an adjoining 615-key hotel at 400 Southeast Second Avenue. The partners are envisaging the Miami Riverbridge, a three-tower complex with apartments, service-branded apartments, and a 615-key Hyatt hotel.
Furthermore, ROVR acquired the sites at 1701 and 1851 Delaware Parkway for $23.5 million, with plans for a multifamily project comprising 1,000 units.
