Cornerstone Group and Brookstone Partners have submitted plans for a new 354-unit multifamily tower in Miami’s Little Havana neighborhood. The proposal comes at a time when South Florida is experiencing significant apartment development activity.
The two Hollywood-based firms are seeking approval to build an eight-story residential building with a 5,000-square-foot grocery store on a 2.4-acre site located at the northwest corner of Northwest Eighth Avenue and West Flagler Street. The project site includes several parcels: 826, 834, 842, 852 and 860 Northwest First Street; 805, 815, 827, 835, 843, 853 and 861 West Flagler Street; and 26 Northwest Eighth Avenue.
The Miami Urban Development Review Board is scheduled to vote on the proposal at its upcoming meeting. As part of their application, Cornerstone and Brookstone are requesting waivers from city code requirements. These include a reduction of required parking spaces by ten percent and increased spacing between residential entrances.
Corwil Architects designed the proposed building. It will feature a mix of unit types: 38 studios, 170 one-bedroom apartments, and 146 two-bedroom apartments. Parking plans call for a garage with space for up to 500 vehicles as well as an additional 26 on-street parking spots.
According to their websites, Cornerstone and Brookstone share headquarters in Hollywood and are led by Jorge Lopez, Leon J. Wolfe, and Mara Mades.
Property records show that the developers acquired most of the site in separate transactions last year—$15 million for the majority of parcels in 2023 and $825,000 for an additional property at 26 Northwest Eighth Avenue.
Previous owners Posner Group (based in New York), along with Miami Beach builders Todd Michael Glaser and i3 Development (led by Alan I. Amdur), had planned their own mixed-use project on the same site after securing $26.5 million in acquisition, pre-development, and construction financing in 2021. Their initial plan included a three-story retail building with a two-level garage followed by a taller multifamily tower as part of later phases.
Across South Florida’s tri-county region—including Miami-Dade—developers continue proposing large-scale apartment projects even though there is currently more supply than demand. This has resulted in slower leasing activity, increased incentives for renters, and declining rents over recent months. In September this year, median asking rent was $2,298—a three percent decrease compared to September last year according to Realtor.com.
Developers believe that demand will increase again before their new buildings are completed next year or by 2027.
Elsewhere in downtown Miami, Namdar Group from Great Neck, New York expects to finish construction early next year on a separate high-rise apartment tower at 55 Northeast Second Street. They also began work recently on another adjacent tower at 50 Northeast Third Street.
Additionally near Dadeland Mall in unincorporated Miami-Dade County Keystone Development + Investment is converting office buildings into residential use—adding a combined total of 212 apartments at addresses including 9400 South Dadeland Boulevard and 9500 South Dadeland Boulevard.
