Rishi Kapoor is looking to develop a second Urbin-branded, co-living project on Washington Avenue in Miami Beach.
The Miami Beach City Commission on Monday granted preliminary approval to allow co-living units on Washington Avenue north of 12th Street, and to extend a deadline for Kapoor to obtain building permits until 2027.
Kapoor, CEO of Coconut Grove-based Location Ventures, is under contract to buy a retail building at 1509 Washington Avenue and a mixed-use apartment building at 1515 Washington Avenue, said Michael Larkin, a lawyer representing the developer.
Kapoor has submitted an application to redevelop the properties that will have to go before the Miami Beach planning and zoning and historic preservation boards, Larkin added.
The city has already approved Kapoor’s six-story co-living project at 1260 Washington Avenue (rendering pictured above), which he is developing under Location Ventures’ Urbin brand.
Under the proposed new legislation, the city would allow developers to build projects with co-living units north of 12th Street and Washington Avenue, but any proposed building cannot have hotel rooms or short-term rentals. In addition, only 50 percent of the project can be set aside for co-living units, and the apartments or condos must be a minimum of 275 square feet.
Source: The Real Deal