Miami Beach’s South Beach is world-famous for its Art Deco District and Ocean Drive, but despite the same sandy shores, North Beach has long been an afterthought. Amid a new wave of development, that is changing.
A makeover is materializing about a decade after city residents voted in November 2017 to up-zone a multiblock “Town Center” between 69th and 72nd streets. Today, more than a half-dozen projects — mostly mixed-use residential — are in various stages of construction, replacing aging low-rise retail, surface parking and empty lots. Law360 Real Estate Authority spoke with developer Robert Finvarb, whose firm recently broke ground on the 15-story NoBe PARC.
NoBe PARC, at 7140 Abbott Ave., will feature 232 residential units, from studios to three-bedrooms, priced from $570,000 to $2 million. They will come fully furnished, with interior design by Venus Williams’ V Starr firm and furnishings by Crate & Barrel, and permission for short-term-rental use, which is prohibited elsewhere in the city.
You grew up in North Beach. What was the neighborhood like, and how has it changed?
I grew up six blocks away from the NoBe PARC site in Biscayne Point. Other than going away to college and law school, I’ve been living within 20 blocks of that area my entire life. South Beach has always been the hospitality-entertainment district, but there’s no neighborhood fabric. North Beach honestly hadn’t changed much from how it was when I grew up. Up until 2017, it was ignored by the development community. A lot of that has to do with zoning — the buildings were very dilapidated.
What led to the changes we’re seeing now?
For North Beach, the turning point was 2017. There was a voter referendum that up-zoned the area — Town Center — within a very limited radius. That incentivized developers to create a town center: restaurants, exercise centers, coffee shops. By allowing developers to go somewhat vertical and bring in more condos and multifamily units, you get a younger demographic and elevate North Beach into a more competitive submarket. Young families that can afford to move in — our property comes in at a much lower price point than traditional condos, from as low as $570,000 up to $2 million.
What changed technically with the rezoning?
Before, you could only build three or four stories. It was the verticality, and also the ability to allow for short-term rentals within this very compressed area. The city doesn’t allow short-term rentals generally; they’re limited to this area. Honestly, I’m a hotel guy — I’ve developed 25 hotels around the U.S. — and I would never develop a hotel here, because you don’t have that tourist or business draw. All you really have is residential.
How does ground-floor retail come into play?
Every single project has ground-floor retail. We’re going to have about 12,000 to 13,000 feet, and we’ll be very intentional about the uses. 72 Park opened a steakhouse that’s doing very well — a product type that wasn’t there before. The intent among all the developers is to create pedestrian traffic. What we replaced on our site was a laundromat, a flea-market-type property and a one-story HMO. There wasn’t any vibrancy there.
Why is this happening now?
The 2017 referendum was the impetus, and now there’s critical mass — at least eight or nine private development projects in the pipeline. North Beach always had the right ingredients: the beach is amazing and wide, the bandshell is an incredible amenity, and the area has tremendous character in its Argentinian, Italian and Cuban food. Investment had passed it by because you can’t afford to build three-story buildings while competing for the same construction resources as high-rises. Now you’re elevating the Town Center, and it’s going to have a halo effect over all of North Beach.
Is this your first residential project? Why take it on?
I’ve owned the property for over 10 years — we bought from six different owners. This is something North Beach is missing, and I have a lot of experience developing projects that are destinations unto themselves. To do it in my backyard where I grew up is a full-circle moment. I’m basically doing everything I’ve done in a hotel: fully furnishing it, Arquitectonica-designed, interiors by V Starr — owned by Venus Williams, a cool connection given the tennis center across the street — and furnished by Crate & Barrel. All you need to do is bring your toothbrush.
What will the neighborhood become?
North Beach is still going to be a neighborhood — residential, families. It’s not going to be South Beach; my retail tenant profile is completely different. It’s more for moms and dads and kids to go to a juice bar, coffee shop, exercise facility or approachable restaurant. It’s more livable, with less transient movement. I think North Beach is the most affordable pocket in Miami Beach, and being a native, I understand the importance of that. You’re going to get a lot for your money.