Redevelopment In-Action Through a Best Practice Approach
NoMa is the perfect example of infill redevelopment-in-action through a best practice approach, a synergy of private sector investment and public sector assistance. The Developer, Eden Multifamily, is constructing an elegant eight-story, mixed-used development on a 2.57 acre underutilized and blighted property that’s been vacant for over 15 years since the closure of a grocery store. This modern, new building is located on the east side of the reconstructed and vastly improved Hanford Boulevard, which is the City’s designated downtown core area.
The NoMa Experience
The development includes 349 market rate residential units and approximately 10,500 square feet of ground floor commercial space. Also, the Developer voluntarily agreed to develop a site that exceeds conventional standards by improving the waterfront property along Royal Glades Canal and installing public art that’ll enhance the public’s views. The NoMa experience will be the first of its type in the North Miami Beach Community Redevelopment Agency (CRA) Redevelopment Area, which was created in 2005 through the collaboration of the Miami-Dade County Government and the City of North Miami Beach.
The CRA incentivized this redevelopment project through its Tax Increment Recapture Program.