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Developer proposes 105-unit restoration at Barclay; committee backs returning deal to commission
Summary
The committee gave a favorable recommendation to move a proposed restoration-and-development of the Barclay site forward to the commission; the project would restore the historic asset and deliver 105 rental units with several workforce-targeted set-asides and a covenant prohibiting short-term rentals.
The Finance and Economic Resiliency Committee endorsed returning to the city commission a negotiated redevelopment proposal for the city-owned Barclay property that would restore the historic building and add residential units, with workforce-oriented set-asides and other public benefits.
Why it matters: The Barclay site has been under consideration for more than a decade. Committee members stressed the need to add housing supply in Miami Beach and flagged the project as a way to deliver market-rate and workforce housing while preserving a historic asset.
Project summary: Developer Legacy Real Estate presented a revised design and financing that does not seek a city subsidy and is compliant with current height and FAR. The team said the project is fully capitalized and ready to move forward. The proposal calls for a total of 105 rental units with a mix of studios, one- and two-bedroom units and set-asides for “missing middle” workforce rents targeted around 160% AMI; the developer also said seven units would be reserved for elderly households through coordination with the Housing Authority. Proposed average rent figures discussed in the meeting were approximately $2,576 for studios, $3,505 for one-bedrooms and $4,982 for two-bedrooms (figures presented by speakers as pro forma estimates).
Preservation and public benefits: The developer emphasized that restoring the existing historic building increases costs compared with replacing it, but is a central public benefit. The developer also committed to a covenant prohibiting short-term rentals on-site.
Committee action: The committee voted to recommend the revised proposal be returned to the full commission with a favorable recommendation; commissioners asked the developer to continue working on unit mix and workforce measures during final negotiations.
Next steps: Staff and the developer will prepare term sheets and return the item to the commission for final action; commissioners signaled support for expedited negotiation to activate the site.
