Cornerstone Group and Brookstone Partners have proposed a new multifamily development in Miami’s Little Havana. The project would add an eight-story building with 354 apartments and a 5,000-square-foot grocery store to the area, according to documents submitted for review by the Miami Urban Development Review Board.
The planned site covers 2.4 acres at the northwest corner of Northwest Eighth Avenue and West Flagler Street. Addresses included in the assemblage are along Northwest First Street, West Flagler Street, and Northwest Eighth Avenue.
The developers are requesting several waivers from city code, including a 10 percent reduction in required parking spaces and increased spacing between residential entrances. The proposal will be considered by the city board on Wednesday.
Corwil Architects designed the project, which includes 38 studios, 170 one-bedroom units, and 146 two-bedroom units. Plans call for a garage with space for 500 vehicles as well as 26 additional on-street parking spaces.
Both Cornerstone Group and Brookstone Partners are based in Hollywood and share leadership under Jorge Lopez, Leon J. Wolfe, and Mara Mades. They acquired most of the land for $15 million last year; an additional property was purchased for $825,000.
The previous owners—Posner Group of New York along with Todd Michael Glaser and i3 Development from Miami Beach—had intended to develop a mixed-use project at the site after securing $26.5 million in loans in 2021. Their plan involved constructing retail space and parking followed by a high-rise residential tower.
Multifamily construction remains active throughout South Florida despite slowing rent growth due to an oversupply of apartments. According to Realtor.com data from September, median asking rents across Miami-Dade, Broward, and Palm Beach counties fell three percent year-over-year to $2,298.
Some developers remain optimistic that demand will rise again by next year or 2027 when current projects are completed. In downtown Miami specifically, Namdar Group is nearing completion of a large apartment tower at Northeast Second Street while also starting work on another nearby high-rise. Median asking rents in South Florida declined recently. Keystone Development + Investment is converting office buildings near Dadeland Mall into more than two hundred apartments.
