Upon the completion of Phase One, HTC will feature a unique blend of residential, commercial, and recreational spaces, including for rent mixed-use apartment units and the innovative Container Park, which will house customized shipping containers tailored for arts, culture, food, beverage, retail, and more.
The vision for HTC is to establish a dynamic live-work entertainment district that seamlessly integrates leisure, commerce, and residential elements. This development aims to rejuvenate the surrounding area, enhancing vital community resources such as schools, hospitals, and government facilities, while tapping into South Florida’s persistent housing demand. The proximity of HTC to key institutions ensures its appeal to potential multi-family tenants.
Strategically situated in the Miami metropolitan area, the seventh largest in the U.S., HTC benefits from the region’s robust real estate market. The median home value in the Miami-Fort Lauderdale-West Palm Beach Metro stands at $475,854, having witnessed a 22.6% surge over the past year. Notably, Goldman Sachs analysts project Miami to be among the few major housing markets to experience a price increase by year-end.
In 2022, the Miami-Dade County real estate market showcased its resilience with 31,627 total homes and 19,377 condos sold, marking its second-highest sales in history. Despite the challenges posed by rising mortgage rates and the COVID-19 pandemic, the demand remains unwavering. However, the county grapples with a housing deficit, particularly in affordable rental spaces. HTC’s Phase One introduction of mixed-use units, ranging from one to three bedrooms, is poised to address this gap.
The development’s commercial and residential components are meticulously designed to coalesce, offering a high-caliber residential community and a sought-after destination for commercial and recreational endeavors. The expansive site will also feature amenities such as “Futsal”-sized soccer fields, a mini-golf course, an amphitheater, dining areas, a farmer’s market, and more, ensuring a vibrant and unified atmosphere.
The Sponsor has already made substantial equity investments to expedite entitlements and approvals from County, State, and Agency bodies. Construction is anticipated to begin in 2024, with the project expected to span 24 months from commencement to close-out.
- Architect: Berenblum Busch Architects
- Construction: Benchmark Construction Group
- Lobbyist: The Southern Group
- Legal: Bilzin Sumberg
