Cornerstone Group and Brookstone Partners have submitted plans to develop a 354-unit multifamily building in Miami’s Little Havana neighborhood. The proposed eight-story structure would also include a 5,000-square-foot grocery store and is planned for a 2.4-acre site at the northwest corner of Northwest Eighth Avenue and West Flagler Street.
The project application was attached to the agenda for an upcoming meeting of the Miami Urban Development Review Board, which will vote on the proposal as well as waiver requests from the developers. Cornerstone and Brookstone are seeking a 10 percent reduction in required parking spaces, greater spacing between residential entrances, and other city code waivers.
According to the application, Corwil Architects designed the building to feature 38 studios, 170 one-bedroom apartments, and 146 two-bedroom apartments. Plans call for a garage with 500 spaces and an additional 26 on-street parking spots.
Both development firms are based in Hollywood and share headquarters leadership under Jorge Lopez, Leon J. Wolfe, and Mara Mades. They acquired most of the land for $15 million in 2023; records show they paid another $825,000 for property at 26 Northwest Eighth Avenue.
The sellers included New York-based Posner Group along with Todd Michael Glaser and i3 Development from Miami Beach. Those parties previously intended to build a mixed-use project after securing a $26.5 million loan in 2021 that covered acquisition, pre-development, and construction costs. Their plans called for an initial three-story retail building with a two-level garage followed by a second phase featuring a multifamily tower with retail space.
Despite ongoing high levels of new apartment construction across South Florida—which has led to slower lease-ups, more concessions offered by landlords, and declining rents—developers remain optimistic about future demand. In September this year, median asking rent in the tri-county area fell by three percent compared to last year.
Some developers believe that current supply will be absorbed over time as population growth continues; they expect rental rates will recover when their projects are completed between next year and 2027.
Elsewhere in downtown Miami, Namdar Group is finishing work on one high-rise apartment tower while starting another nearby project of similar scale. Additionally, Keystone Development + Investment is converting office buildings near Dadeland Mall into residential units totaling more than two hundred apartments.
