The Weekly Dirt: It’s go time for Live Local projects
Gov. Ron DeSantis signed long-awaited amendments to the Live Local Act into law last week, a relief for developers banking on the changes.
Senate Bill 328 generally boosts and clarifies developer incentives under the workforce housing law that the Florida Legislature passed in 2023. It took more than two months for the latest bill to make it to DeSantis’ desk in early May.
In the meantime, developers and their land use lawyers have been hard at work analyzing their sites and project finances to see how and if they can use Live Local in their projects. The laws create tax and zoning incentives for developers if they set aside a portion or all of their projects for residents making up to 120 percent of the area median income for a period of at least 30 years.
Hundreds, if not thousands of workforce housing units could be built, alleviating the need for housing for the “missing middle.”
Developer Asi Cymbal told me that Live Local could save him nearly $1 million in property taxes a year, allowing his firm to subsidize the rent at a newly completed 341-unit garden-style apartment complex in Miami Gardens. His firm began building the project before the law, but was able to turn it into a Live Local development midway through. Cymbal said he and his team are examining all of their existing developments to see if they can use Live Local.
The amendments passed last week do a few things, including clarifying that developers can build up to 150 percent of the highest currently allowed floor area ratio in that local municipality. The latest law also eliminates parking requirements for projects if they’re within a transit-oriented development. That alone is a big deal —parking is super expensive to build.
One storyline we’ll be following is how the latest bill makes it easier for developers to pursue their projects within cities that have tried to impose restrictions on Live Local developments, i.e. Bal Harbour, Doral, Miami Beach and other cities.
What we’re thinking about: The condo association at downtown Miami’s Epic Hotel & Residences sued billionaire Amancio Ortega’s firm, alleging it and a separate master association illegally control common areas and approved illegal assessments at the property. Are condo-hotel developments prone to these disputes? Do you have a similar story? Send me a note at kk@therealdeal.com
