Omni CRA commissioners voted today to approve Max Miami developers Ron Gottesman and Nir Shoshani’s request for a subsidy to build their residential tower. The request for assistance is unique amid Miami’s blistering hot housing market.
The 37-story building is expected to cost at least $100 million and will include 513 residential units along with ground floor retail.
Under the terms of the deal, Max Miami will get up to $750,000 per year for a total that could reach $9 million. The developers would be required to spend $2 million in improvements to the surrounding area.