Regarded as the CRA’s “catalyst project,” Lazul is an eight-story, mixed-use apartment complex of 349 units located at 2145 NE 164th Street. The 2018 project saw the conversion of a three-acre vacant site into a lively, market-rate rental development, complete with amenities and views over Snake Creek Canal.
The developer, North MB Owner LLC, was awarded the Tax Increment Recapture Incentive and entered an agreement with the CRA of North Miami Beach in December of 2015 to receive reimbursement based on the increased property value.
Tax Increment Revenue Growth: Ongoing
Over the course of 2019 to 2020, tax increment revenue collections grew by more than half of the tax revenue in the year prior, largely a result of the completed Lazul multifamily development for which the CRA provided partial financing. By spurring development and redevelopment alike, the collaboration between the CRA and property owners to alleviate blight is reflected by the increased property values.