Mixed-income rentals may be available for Little River OZ
A mixed-income apartment project with commercial space could be on tap in an area of opportunity in Miami’s Little River neighborhood.
Developer Thomas Conway, through one of its Qualcon subsidiaries, is seeking to change the zoning and land use for the site of a former AT&T telecommunications facility located a short walk from The Citadel food hall .
The Miami Planning, Zoning and Appeals Board is expected to consider Qualcon Little River Active Zone Business’ application on Wednesday. The vote would be a recommendation to the commission, which has the final say.
The rezoning and land use changes affect 1.4 acres of the 2.2-acre site at 8038 Northeast Second Avenue and 165 Northeast 80th Terrace. That would pave the way for up to 150 units per acre, more than the 65 units currently allowed per acre, according to city records.
The move comes nearly two years after Conway’s Qualcon real estate fund purchased the site as part of a $25 million purchase of eight commercial buildings and more than one million square feet of land in the South of Florida from the defunct BellSouth Telecommunications.
Qualcon Real Estate Fund counts Kevin Levine, Andrew Stone, Petra Capital Management and New York-based Tall Pines Capital, led by Emanuel Stern and Bradley Settleman, as investors.
Qualcon Little River Active Zone Business, owner of the Little River site, filed a filing with the city in May that also lists Stone, Levine and Stern as its investors, along with a slew of others, each holding less than 4% of capital. .
The mixed-income apartment project initiative marks the neighborhood’s burgeoning growth as Miami’s next real estate frontier. He also talks about the area’s low to middle income residential base.
About 37 percent of the region’s residents lived below the poverty line last year, according to the city’s planning department’s analysis of the project. The department recommended approval.
Little River, just north of the rapid redevelopment of Little Haiti, has seen many of its old buildings repurposed into retail and restaurant spaces, with Conway playing a role in the area’s emergence.
In 2015, he and his partners completed the renovation of a former Bellsouth headquarters building into a coworking space MADE at The Citadel. We are located at 8325 Northeast Second Avenue across from the food hall.
Conway was also an investor in The Citadel, but is no longer involved.
In other big Little River investments, Miami-based MVW Partners just secured Adventurous Journeys Capital Partners as majority investor in a 24-acre portfolio, which includes restaurants and office buildings. The properties are also in an Opportunity Zone, the federal program that encourages investment in economically distressed areas.