A mixed-use development project in Doral has moved forward after securing $58 million in construction loan financing, operating under Florida's Live Local Act provisions.
The project will transform an existing office campus into a mixed-use development, according to business journal reports.
Live Local Act Background
Florida's Live Local Act, signed into law in 2023, was designed to increase housing production across the state by providing various incentives and regulatory relief for qualifying developments. The legislation allows developers to bypass certain local zoning restrictions and height limitations in exchange for including workforce housing components in their projects.
Under the Act, qualifying developments can convert commercial properties to residential or mixed-use projects with streamlined approval processes. The law specifically targets areas zoned for commercial, industrial, or mixed-use development.
Doral Development Market
Doral, located in Miami-Dade County, has experienced significant commercial and residential development growth over the past decade. The city has become a hub for corporate headquarters and mixed-use developments, particularly in areas previously dominated by office complexes.
The transformation of office campuses to mixed-use developments has become increasingly common in South Florida markets as developers seek to maximize land use efficiency and respond to changing commercial real estate demands.
Construction financing at the $58 million level indicates a substantial development scope, though specific details about the project's size, unit count, or timeline were not immediately available.
