Cornerstone Group and Brookstone Partners have submitted plans for a new multifamily residential project in Miami’s Little Havana. The proposal outlines an eight-story building with 354 apartments and a 5,000-square-foot grocery store, according to documents filed with the city.
The planned development would be located on a 2.4-acre site at the northwest corner of Northwest Eighth Avenue and West Flagler Street. The site includes several addresses along Northwest First Street, West Flagler Street, and Northwest Eighth Avenue.
The Miami Urban Development Review Board is scheduled to consider the proposal, including requests from Cornerstone and Brookstone for waivers from city code requirements. These include a 10 percent reduction in required parking spaces and increased spacing between residential entrances.
Corwil Architects designed the proposed building, which will feature 38 studios, 170 one-bedroom units, and 146 two-bedroom units. Plans also call for a garage with space for 500 vehicles as well as 26 on-street parking spots.
Cornerstone Group and Brookstone Partners are affiliated companies based in Hollywood, Florida. Both firms share leadership under Jorge Lopez, Leon J. Wolfe, and Mara Mades.
Records show that the developers acquired most of the property in 2023 for $15 million. They also purchased an additional parcel at 26 Northwest Eighth Avenue for $825,000.
The previous owners of the site—New York-based Posner Group and Miami Beach builders Todd Michael Glaser and i3 Development led by Alan I. Amdur—had planned their own mixed-use project after securing a $26.5 million loan in 2021. Their plans included retail space and multifamily housing but did not move forward before selling to Cornerstone and Brookstone.
Multifamily construction continues across South Florida despite an oversupply that has resulted in slower leasing activity, more concessions to tenants, and lower rents regionwide. In September this year, median asking rent in the tri-county area was reported at $2,298—a three percent decrease compared to September last year (https://www.realtor.com/research/data/).
Developers say they expect demand to rebound by next year or by 2027 when many projects now underway are completed.
Elsewhere in Miami’s urban core, Namdar Group is nearing completion of a high-rise apartment tower downtown while Keystone Development + Investment is converting office buildings near Dadeland Mall into new residential units.
