T
ate Capital is seeking to develop a 348-unit apartment project in North Miami's western side, which has been overlooked for years. The firm plans to build a 17-story building with commercial space on its current headquarters site at Northeast 125th Street and Northeast 12th Avenue. The property spans 2.3 acres and includes several adjacent vacant parcels.

    The company is requesting a conditional use permit from the North Miami City Council, which would allow it to allocate "floating" residential units to the site. Under the city's comprehensive plan, developers can request a portion of the 8,725 available units, with 7,167 remaining. The council will consider the permit at its November 12 meeting.

    If approved, Tate Capital will need to obtain site plan approval from the North Miami Development Review Committee within the next year. Construction is expected to start in 2026 or 2027. The company also plans to engage with local residents and gather feedback on the project.

    Tate Capital faces challenges such as elevated interest rates and rising insurance premiums, which have increased financing costs and headwinds for developers. Despite these hurdles, the firm remains optimistic about North Miami's western side, where other developers are also investing. Redwood Dev Co recently secured approval for an 18-story building with 2,193 apartments on a 27.7-acre site.

    Tate Capital is also involved in another major project in Fort Lauderdale, partnering with Related Group and Sergio Rok to redevelop the Bahia Mar resort into a $1 billion complex featuring four condo buildings, a hotel, and retail space. The developers secured zoning approval from the city last year.