A developer has proposed a pair of slender 43-story apartment towers for a compact lot on Flagler Street currently used for surface parking, reports The Next Miami. The project, which appears to just be called 54 West Flagler, is being designed by Kobi Karp, and will have 391 "very small" units, along with 185 parking spaces in a robotic garage. There would also be ground-floor retail and a cross-block driveway. The piece de resistance of the design however is a tall hanging garden, with long columns of plants similar to those at the Perez Art Museum Miami, that would literally hang between the two buildings up to the full 43 stories in height.
Likely to be rental apartments, the units in these buildings will join a growing market of new construction rental in the urban core, with buildings like PMG's upcoming Vice tower, and the multiple rental towers planned for MiamiCentral, among others. Within a half mile radius, average rental prices are over $2.50 a square foot across the board, and even over $3 a square foot in places. Since the last market crash, when scores of empty condos were quickly rented out, the Downtown rental market has proven to be a lucrative one, and more and more people are cashing in.