In 2024, a Miami planning and zoning board approved an upzoning<\/a> to allow for a six-story building, instead of the previously permitted five stories, with some neighbors still expressing concern over increase of traffic. In February, the board granted the project a special exception, with Acre committing to create public parking and $1 million<\/a> mitigation payment to King\u2019s district.\u00a0<\/p>\n The city will deed Northeast 64th Terrace, which bisects the site, to Acre, which will retrofit the road into a two-way entrance to the garage.\u00a0\u00a0<\/p>\n Adela II will include 20 workforce units, with rents at the rest of the apartments expected to be the same as those at Adela at MiMo Bay. Monthly asking rates at available Adela at MiMo Bay apartments range from $2,400 to $4,944, the property\u2019s website shows.\u00a0<\/p>\n Acre is led by Les Menkes, Michael Van Der Poel, Blake Olafson and Daniel Jacobs.\u00a0<\/p>\n Evolve Wynwood 35, at 535 Northwest 35th Street, is among a few planned projects in Wynwood Norte<\/a>, an overlay district Miami officials approved in 2021 with an eye toward regulating new development while incentivizing affordable housing construction.\u00a0<\/p>\n Evolve Companies, based in Greensboro and Wilmington, North Carolina, paid $9.8 million<\/a> for the nearly 1-acre assemblage in 2022.\u00a0<\/p>\n Last year, the Miami Urban Development Review Board approved<\/a> the Kobi Karp-designed project, depicted with a multi-colored fa\u00e7ade on renderings. The project will consist of studios, as well as one-bedroom and two-bedroom market-rate apartments.\u00a0<\/p>\n Construction completion is expected in 2028, according to the release.\u00a0<\/p>\n Evolve is led by Mike Winstead Jr. and Joe McKinney.\u00a0<\/p>\n South Florida\u2019s market-rate apartment market has been experiencing slower lease-ups, a drop in rents and some lingering concessions due to hefty deliveries in recent years. Developers finished a record 18,600 units in 2024, 20 percent than total leasing that year, according to CoStar Group data. Another 12,718 units were completed last year.<\/p>\n Developers starting construction now say demand will catch up<\/a> by the time their projects are finished, and also say they carefully pick the submarkets where they plan new projects to ensure the areas aren\u2019t oversupplied.<\/p>\n \tRead more \t\t\t\t\t\t\t\t\t\t\t\t\t \n\t\t\t\t\t\t\t\t\tDevelopment\t\t\t\t\t\t\t\t<\/p>\n \n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n Train stop apartment project scores $43M construction loan in busy Hialeah<\/p>\n
\n\t\t\t\t\t\t\t\t<\/p>\n![\"Development](\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2026\/04\/Train-stop-apartment-project-scores-43M-construction-loan-in-busy-Hialeah-200x133.jpg\")
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![\"Pinnacle\u2019s](\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2026\/04\/Financing-Flows-In-South-Florida-With-300-Million-in-Loans-200x133.jpg\")
\t\t\t\t\t\t\t\t\t\t\t<\/p>\n![\"PMG\u2019s](\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2026\/04\/PMG-scores-115M-construction-loan-for-Fort-Lauderdale-waterfront-condo-200x133.jpg\")
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