CLIENT NEWS: Developer plans 7-story project in Miami

January 24, 2023

A site in the Little Haiti neighborhood of Miami could be redeveloped as self-storage.

The city’s Urban Design Review Board will consider plans for the 24,513-square-foot site at 7140 N.E. Miami Court on Jan. 18. It currently has a 4-unit apartment complex.

The property was acquired for $1 million in 2021 by 7200 NE Miami Court LLC, managed by Federico A. Albornoz Sanchez. However, the application titled Little River Storage says it’s under contract to RK Development LLC.

It would be redeveloped with a 7-story building totaling 137,305 square feet, including 120,090 square feet of self-storage, 2,776 square feet of ground-floor retail and 23 parking spaces. Three employees would work there.

Miami-based attorney Carli Koshal, represents the developer in the application. Blitstein Design in Coral Gables is the architect.

Many experts say Florida is among the top markets in the nation for self-storage.

According to a report by RentCafe, the growth in the multifamily market in South Florida has been driving demand for self-storage facilities. South Florida had the 7th-most self-storage construction during the last decade with 9.1 million square feet of new storage. There’s another 1 million square feet of self-storage set to be delivered over the next two years.

Self-storage rent has increased 6.1% year-over-year to $176 for a standard 10-foot-by-10-foot unit, according to RentCafe.

Published January 16, 2023 on BizJournals.com

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