Cornerstone Group Begins Planning Phase for New Development in Miami-Dade County

Royal Pointe Associates, controlled by executives from the Miami-based Cornerstone Group, submitted a pre-application to county officials for the 5.5-acre property at 11350 Dunbar Drive, which encompasses the majority of the block along Lincoln Boulevard and Booker T. Washington Boulevard. It has a deal with Miami-based Anvil Community Development for the unoccupied site.

Anvil Community submitted plans in 2019 to develop the land with 102 units, but construction has yet to begin. Because the land is in a federal opportunity zone, investors can benefit from large tax breaks.

The project would contain 102 units in four 3-story structures, according to Cornerstone Group's plan. A clubhouse and 174 surface parking places would be provided. The only thing that would be missing from the development is a pool.

The units would range from 714 to 1,259 sq. ft as 30 one-bedroom units, 60 two-bedroom units, and 12 three-bedroom units.

Before filing official applications, developers submitted pre-applications to gain comments from county employees. The project was designed by Miami-based Burgos Lanza Architects & Planners.

Cornerstone Group sold 27 housing buildings in South Florida to Blackstone in January for a total of $575.7 million. Given the steep rise in rents in Miami-Dade, there is a strong need for additional affordable housing, and Cornerstone Group has the resources to develop it.