Florida Witnessing Transit-Oriented Developments Rising Left and Right

The Douglas Metrorail Station will serve as the mixed-use project’s defining element.

MIAMI—Douglas Road Metrorail Station, a mixed-use, transit-oriented project at the Douglas Road Metrorail Station estimated to bring $464 million in revenue to Miami-Dade County, has won Miami-Dade Board of County Commissioners approval. Adler 13th Floor Douglas Station , a joint venture between 13th Floor Investments and Adler Group , also inked a ground lease, setting the stage for construction. Link at Douglas Station will be home to 970 residential units including a work force housing component, as well as 70,000 square-feet of retail space, a hotel , and a public plaza. The mixed-use project will be constructed in four phases. “Transit-oriented development is the wave of the future and Miami-Dade County has proven itself to be a pioneer in helping to redefine the way we think about—and experience—urban living,” says Arnaud Karsenti , managing principal of 13th Floor Investments. “By building around, and investing in, our mass transit, we can reduce congestion on our roadways and connect neighborhoods in our community for greater quality of life.” The Douglas Metrorail Station will serve as the mixed-use project’s defining element. The development will offer immediate access to Miami’s vibrant downtown financial, arts and entertainment districts and create a pedestrian-friendly environment in an urban setting.  As part of the lease agreement, 13th Floor Investments and Adler Group are funding $600,000 to the Underline. The Underline is a planned project stretching 10-miles and transforming underutilized land below the Miami Metrorail. “More than anything, this project is a testament of what can be accomplished when the public and private sectors join forces,” says Michael M. Adler , CEO of Adler Group. “This project will hopefully be a model for how we can create a more sustainable and cohesive community through pedestrian and transit oriented development that leverages existing infrastructure.” The joint venture plans design the project in a way that amplifies the existing infrastructure. The goal is to increase public transit ridership while also incorporating new ride sharing and alternative transit technologies. The first phase will focus on the development of a residential tower, 150-key hotel in partnership with Driftwood Hospitality Management , and a portion of the retail footprint which includes a premium supermarket. Florida is seeing more TOD. In May, Passco put down $54 million on a TOD multifamily project in Orlando’s Florida Hospital Village. The Ivy sits along the Interstate 4 corridor near major employment centers at 2650 Dade Avenue. “Nowhere are we seeing more progressive and innovative development than in Orlando, Florida,” Colin Gillis , vice president of acquisitions in the Southeast for Passco , tells GlobeSt.com.  “The City of Orlando recently invested nearly $8 billion in infrastructure and transportation projects, inclusive of the Sun Rail commuter line and an expansion of the I-4.” Wendover Housing Partners in February opened Weston Park. The TOD project is home to multifamily housing right next to the City of Longwood’s SunRail Station to encourage residents to adopt a more “car-independent” lifestyle. “As the Central Florida economy continues to boom, public transit will become a necessity. Residents are already finding that personal vehicles are no longer the fastest form of transportation,” Jonathan Wolf , president and founder of Wendover, tells GlobeSt.com. “TOD communities like Weston Park are introducing residents to the convenience of stepping out of their apartments and onto the train. These developments will help Central Florida embrace public transit, the key to unlocking the area’s full economic potential.” Central Florida CRE remains strong with Multifamily, Retail and Industrial leading the way. Are You In The Know? How can you profit? Join us at RealShare Central Florida on September 7th for impactful information from the leaders in Central Florida CRE.Learn more.