A demolished shopping plaza at 1546 S.W. 27th Ave. is no longer just an empty Coral Gate lot. Habitus Coral Gate RFII-B LLC has started construction on a nine-story mixed-use building there, in Miami 33145.
Florida YIMBY reported that an affiliate of Habitus Capital is moving ahead with the venture. Plans call for 67 apartments and 3,589 square feet of retail, with Ballast Construction as general contractor.
Four Million for the Dirt
The firm bought the parcel for $4 million in 2023. The shopping plaza that used to occupy it has since been demolished.
Land and building are not the same bill. Florida YIMBY put the project estimate at $29.4 million, with funding from Hall Structured Finance. Four million dollars secured the parcel. On that estimate, the project cost is more than seven times the land purchase price.
A Thin Retail Floor
The commercial piece is 3,589 square feet beside 67 homes. A former shopping plaza is being replaced by a much taller building whose storefront share is, on the published plans, a small slice of the whole.
A finish date is the number still missing a signature. Florida YIMBY said construction could take 12 to 18 months, and also said that span has not been officially confirmed. The site is an active job. It is not yet an official calendar.
Market Rate, by a Filing That Isn't There
Florida YIMBY reported that the developers have not filed for affordable or workforce housing incentives, and from that absence concluded the apartments will likely be market-rate. That is an inference, not a rent roll. No unit sizes or asking rents for this building are on the record.
The comparison the outlet did supply is citywide, not project-specific. According to Apartments.com, the average rent for a 692-square-foot Miami apartment was $2,241. That citywide figure is not a project-specific rent.
Same Avenue, Earlier Pitch
S.W. 27th Avenue has heard a taller mixed-use pitch before. In March 2023, Miami Today reported plans for a 10-story building at 2200 SW 27th Ave., with about 10,100 square feet of retail and 291 parking spaces. Miami's Urban Development Review Board recommended approval with recommendations.
That was a recommendation for a different address, not proof the corner has already been rebuilt. At 1546, construction has at least started. What remains unofficial is the schedule, and whether likely market-rate is still the plan once anyone posts an actual rent.
