T
obin, a real estate firm based in Hollywood, is seeking to build a new apartment complex on a 2-acre site at 1101 Hillcrest Drive. The proposed eight-story building, called Hillcrest Apartments, will feature one- to three-bedroom units and could include affordable or workforce housing options. The Tobin family has owned the land since at least 1985, and their company, founded in 1926, has a portfolio of over $2 billion in deals spanning more than 100 million square feet.

    South Florida's multifamily market experienced rapid growth from late 2020 to 2022, driven by an influx of out-of-state residents. However, the market has since slowed due to decreased demand and rent hikes. Despite this, some developers are still filing applications for new projects, often targeting areas with limited recent construction or planning units at below-market rates.

    In North Miami, Tate Capital is proposing a 17-story apartment building with commercial space, while in Miami's Arts & Entertainment District, Clearline Real Estate secured $94.5 million in financing for its planned 24-story Excel Miami Apartments. These projects join the existing record-breaking construction pipeline in South Florida, which includes over 23,000 newly finished units expected by year-end.