S
unbeam Properties, led by CEO Andrew Ansin, has proposed a large mixed-use development in Miramar known as Park Miramar. This project will be built on a 125.8-acre vacant site owned by Sunbeam Properties on the northeast corner of Miramar Parkway and Red Road. The development will be carried out in two phases and will include over 2,874 residential units, a 185-key hotel, over half a million square feet of retail, dining, and office space, and 32 acres of parks.
The Miramar Planning and Zoning Advisory Board has approved a development agreement between the city and Sunbeam’s affiliates that own the site. The city commission will consider the project at a first hearing next Wednesday.
The preliminary plan is for the units to be apartments, but this could change according to a Sunbeam representative. Park Miramar will include 100 affordable housing units for households earning no more than 120 percent of the area median income, as per the development agreement.
The tallest buildings in Park Miramar will be eight stories high, but Sunbeam can also build up to ten stories in exchange for paying the city a fee for an additional fire truck, as per the representative.
Sunbeam has committed $3 million to a city affordable housing fund and another $5 million that the city can use for either affordable housing development or creating new parks. The developer has committed to obtaining the first Park Miramar building permit within five years of obtaining project approval.
The Ansins are one of the wealthiest families in South Florida. Edmund Ansin, co-founder of Miami-based Sunbeam Television along with his father Sidney Ansin, holds significant real estate holdings in the region. Sunbeam Properties is not just limited to Park Miramar; they also plan to develop a 7.3 million-square-foot project in North Bay Village with nearly 2,000 residential units, including workforce-priced units; 300 hotel keys; 870,000 square feet of offices and retail; and public space. This development will rise on 13 acres both north and south of the 79th Street Causeway.
The Park Miramar application comes at a time when South Florida is experiencing a multifamily development boom. This boom is due to an influx of out-of-state residents to the tri-county region over the past four years, leading to record leasing and rent growth. By year-end, 23,863 units are expected to be completed across South Florida, the highest number since 2002, according to Berkadia. This is a portion of the 34,934 units currently under construction.
Miramar has not benefited much from this development frenzy, although it has seen some of the investment sales spree in recent years. In October, Related Companies spent $48.2 million for the 320-unit Sorrento affordable apartments complex at 8991-9577 Southwest 41st Street.
