ACRE Multifamily Fund IV REIT (Ares Commercial Real Estate) is listed as the company interested in building up to 337 apartments on the south side of Legion Memorial Park in Miami. Representatives from the company made a pitch in front of the city’s planning board to allow a zoning change on 2.5 acres in the town’s Upper Eastside.
ACRE owns a neighboring apartment complex: Adela at MiMo Bay, a 236-unit project with rents ranging from $2,292 to $7,146 (photo).
The S. Florida Business Journal reports that the developer offered to sign a covenant limiting development on the site to no more than 337 apartments in a building of no more than six stories, or 75 feet. That would include 20 affordable/workforce units. The covenant would also include a pedestrian path leading to Legion Memorial Park, a $200,000 payment to the city to support the park, and free public parking from 10 a.m. to 2 p.m. The developer would have three years to obtain a building permit.
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