The cityscape of North Beach is transforming with the rise of the 72 Park Residences tower, which has now reached nearly 50% completion. The project, situated at the intersection of 72nd Street and Park Avenue in North Beach, Miami, is poised to add 270 residential units and around 12,000 square feet of retail space to the burgeoning neighborhood.
Micro-Units to Address Housing Demand
72 Park Residences is designed to cater to various housing needs. Of the 270 residential units, 121 are planned to be micro-units. Including micro-units, which typically offer smaller square footage at a more affordable rate, reflects a growing trend in urban housing. The decision to include these units was detailed in a school concurrency agreement recorded in September 2022.
A Boost to Local Economy with Retail Space
In addition to the residential units, the project will feature approximately 12,000 square feet of retail space. This is expected to enhance the local economy by providing business opportunities and adding a new dimension to the North Beach community. Residents and visitors alike will benefit from the convenience and diversity of retail options in close proximity.
To address the parking needs of both residents and visitors, 72 Park Residences is set to include a 326-space parking garage, as reported in an earlier filing with the City of Miami Beach. The ample parking space accommodates the expected influx of residents, shoppers, and business owners, ensuring a seamless and convenient experience.
Arquitectonica, a renowned international architecture, interior design, and planning firm, is the creative mind behind the architecture of 72 Park Residences. Their innovative and modern design is expected to become a landmark in the North Beach area. KGTC LLC is the developer spearheading the 72nd & Park project. The company is primarily controlled by Russell Galbut and Matis Cohen, who are known for their expertise and significant contributions to the real estate landscape in Miami.
As construction progresses steadily, the 72 Park Residences tower is set to become an integral part of North Beach’s ongoing transformation. With its blend of residential units, retail space, and ample parking, the project promises to cater to the modern urban lifestyle while contributing positively to the community and the local economy.