Nine-Story Mixed-Use Project Breaks Ground in Miami’s Coral Gate Area

An affiliate of Habitus Capital has started construction on a nine-story mixed-use building in the Coral Gate neighborhood of Miami-Dade County. The developer, Habitus Coral Gate RFII-B LLC, is building on a 19,712-square-foot parcel at 1546 S.W. 27th Ave. The site previously held a shopping plaza that has since been torn down, and the firm bought the land for $4 million in 2023.

The plans include 67 apartments and 3,589 square feet of retail space. Ballast Construction is the general contractor, and the estimated $29.4 million cost is backed by Hall Structured Finance. The article says construction could run 12 to 18 months, though that timeline has not been officially confirmed.

The developer has not applied for affordable or workforce housing incentives, so the units are expected to be market-rate. The article cites an average rent of $2,241 for a 692-square-foot apartment in Miami. The report also places the project within a broader wave of activity in Miami-Dade, including a pending proposal for two eight-story buildings with 800 units and a 44-story tower planned on a narrow Brickell site.

For developers and lenders, this is a useful comparable: a small infill site, a retail-plus-residential program, and a financing stack that pairs a private lender with a known contractor.