A developer wants to build a 12-story mixed-use project in the Coral Terrace neighborhood, just outside Coral Gables.
Miami Development Fund LLC, managed by Coral Gables attorney Vincent Chen, filed a pre-application with Miami-Dade County officials informing them it plans to seek a comprehensive development master plan (CDMP) amendment in the near future. It concerns the 4.1-acre site at 7350 Coral Way.
The developer purchased the mostly vacant lot from the city of Coral Gables for $10.4 million in 2019. It was previously used for city public works. It’s just west of the Brothers to the Rescue Memorial Park.
The developer wants to change the land use from “business and office” and “medium-high density residential.” The 12-story project would have 320 residential units, 63,000 square feet of office, 10,000 square feet of retail and 840 parking spaces. There would be a pool deck on the fourth floor.
The apartments would range from 500 to 1,200 square feet, with 261,290 square feet of total leasable space. There would be 25 studio apartments, 146 one-bedroom units, 136 two-bedroom units, and 13 three-bedroom units.
Miami-based attorney Ben Fernandez, who represents the developer in the application, couldn’t be reached for comment. Anillo Toledo Lopez Architecture in Miami designed the project.
“This application seeks to address the county’s critical need for housing options and alleviate the housing affordability crisis by increasing housing supply in a severely depleted market,” Fernandez stated in the application. “The proposed mix of uses, including high paying office jobs and neighborhood friendly retail amenities, are consistent best practices for urban planning and development in close proximity to transit services.”
Developers file pre-applications to receive feedback from county staff before submitting full applications. If Miami development Fund submits a CDMP amendment, it would need County Commission approval.