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Cashflow In Miami
February 20, 2022

What is Coming Here Now?

3501 NE 1 Ave, Midtown, Miami

A mixed-use tower of up to 48 stories or 683 feet may be allowed on a vacant parcel in Midtown Miami.  

Increase the maximum possible height limit for a 1.64-acre parcel at 3501 Northeast First Avenue from 33 stories or 350 feet to 48 stories or 683 feet was voted for.

The parcel is owned by real estate investor Alex Vadia, who purchased the land from Midtown Miami developer Jack Cayre for $4.8 million in December 2011 .

Midtown Miami was a 56-acre former rail yard for Florida East Coast Industries until it was redeveloped as a retail and residential area, beginning in 2005. The overlay district governing Midtown Miami’s development predates the existence of the city’s Miami 21 zoning code.

According to Miami 21 zoning regulations, a 24-story tower can be constructed on a T6-24 zoned property as of right. An additional 24 floors of future development can be obtained by offering public benefits such as affordable housing or public land parks. Developers also have the option of paying into a fund for public benefits.

Under T6-24, a developer has a right to build 150 residential units per acre or a hotel.

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