MIAMI—It's a bona fide first in affordable housing. Brickell View Terrace, Miami's first mixed-income rental tower, just hit a construction milestone.

The tower, which rose in the urban core, topped off construction at 23 stories. This development addresses two of the most pressing challenges facing the Miami's resurgent housing market: the lack of market-rate rental apartments and the shortage of affordable housing options within the urban core.

“Brickell View Terrace is literally one-of-a-kind, being the first residential development comprising both market-rate apartments and affordable rental housing in the City of Miami,” Friedman tells GlobeSt.com. “This is a very common model in New York, San Francisco, and other major US cities—but it has not arrived in Miami until now. Given that Miami ranks among the least affordable cities in the country, Brickell View Terrace will fill a significant need in a market that has been dominated by luxury residential product.”

A joint venture between Pinnacle Housing Group and East Little Havana Community Development Corporation, the 23-story apartment building sits 940 SW 1st Avenue. It will combine 76 market-rate units and 100 affordable units within a single building, marking the first mixed-income residential building to be developed in the City of Miami.

“With funding and land for traditional affordable housing development in Florida becoming increasingly scarce, mixed-income projects are a viable method for meeting demand and getting worthy projects built,” says Pinnacle Housing Group partner Mitchell Friedman. “We're hopeful that the upcoming completion of Brickell View Terrace will encourage other developers to consider mixed-income communities in South Florida.” Click here to read more about this project in an exclusive interview with Friedman.

Brickell View Terrace is located next to Miami's Brickell Metro Rail Station, just west of Mary Brickell Village on Southwest 1st Avenue between Southwest 9th street and SW 10th Street. Set for completion in late 2015, the development will offer spacious one, two and three bedroom apartments. Plans for Brickell View Terrace include high-end amenities and finishes, including community rooms, a cyber cafe, two fitness centers, and a picnic area with outdoor game tables, car care area, electric car charging stations, and a park with gazebo.