2335 W Flagler St - Azule on Flagler

The subject property comprises two adjacent lots, totaling approximately 20,000 square feet in size. It boasts a total frontage of 165 feet along Flagler Street. The project site plan has already received approval, and we anticipate full entitlements to be granted in the last quarter of 2023. The current entitlement allows for the development of 61 multifamily units, featuring a predominantly one and two-bedroom unit mix. Furthermore, there is an opportunity to submit the project under the "live local, SB 102" program, which offers additional advantages and incentives and would allow for 73 multifamily units These combined lots are situated along the historic Flagler Street in Little Havana, a vibrant hub of social and cultural activities within Miami. This area is renowned for its iconic landmarks, such as Calle Ocho (SW. 8th St., Tamiami Trail), known for its walk of fame honoring famous artists and Latin personalities, including Celia Cruz, Willy Chirino, Gloria Estefan, the Cuban Memorial Blvd., Plaza de la Cubanidad, Domino Park, Tower Theatre, José Marti Park, the Firestone Building, Walgreens, Saint John Bosco Catholic Church, Municipal Santiago de Cuba, and many others. Little Havana is currently undergoing a transformation, and there is a strong demand for properties in this area. Increased traffic congestion, coupled with the desire for affordable workforce housing and access to quality public transportation near thriving business centers, makes Little Havana is an exceptionally attractive investment. As prices continue to rise in downtown Miami and the Brickell area, investors have seized the opportunity to rejuvenate and redevelop Little Havana, driving up rental rates while maintaining a high demand due to the limited availability of affordable rental properties.