ACRE Management's Aurevia Tower Clears North Miami Planning Board

North Miami’s Planning Commission approved a 16-story, mixed-use tower called Aurevia at 1590 NE 123rd St on September 12, clearing the first hard entitlement hurdle for an infill site the applicant has held since 2022. The applicant of record is 1590 NE 123rd St LLC, an affiliate of ACRE Management, the New York-headquartered real estate fund manager with Miami offices that has executed more than $8 billion in U.S. multifamily transactions.

Why it matters

A mid-size infill tower clearing North Miami’s Planning Commission is a read on how the city’s board is treating density along the NE 123rd Street corridor, a stretch that has mostly seen low-rise commercial and defunct civic buildings rather than towers of this scale. Aurevia replaces a former community center on a 0.96-acre parcel ACRE bought for $3.1 million in 2022, and a clean commission approval signals the city is willing to entitle a 16-story residential building on a corridor site that size. For developers assembling land elsewhere along the corridor or in the broader Miami market, this approval is a data point on what North Miami’s board will actually pass, not just what its code allows on paper.

The numbers

Vimani Design designed the tower at 225 apartments across studio through three-bedroom layouts, averaging about 776 square feet each, plus 8,618 square feet of ground-floor retail and 6,553 square feet of second-floor office space. The project includes 316 parking spaces in a multi-level garage, along with a pool deck, fitness center and pickleball court. The applicant has estimated construction costs at $77.4 million.

What’s next

Planning Commission approval is an entitlement milestone, not a permit to build. The project still needs to clear any remaining North Miami council or building-department steps before ACRE Management’s affiliate can pull construction permits and move to financing and groundbreaking. The American Developer will track the site for a building permit filing, which would be the next concrete signal this project is moving toward vertical construction rather than sitting on its entitlement.