The Jesta Group recently announced the development of a multi-family residential building and high-end restaurant where the Clevelander South Beach and Essex House hotels currently reside. The residential project would include approximately 137 units, where 40% of them will be affordable rental units, something sorely needed in South Florida, which is facing a housing affordability crisis.
Miami Partner Alexander Tachmes is quoted in the latest issue of the Wall Street Journal where he said that the new project is being developed under the State of Florida’s recently passed Live Local Act, which seeks to alleviate the affordable housing crisis in Florida. The Act offers substantial benefits to developers who develop qualifying projects under the Act.
The Jesta Group doesn’t plan to close the Clevelander until early 2025.
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About Alexander I. Tachmes
Alexander I. Tachmes is a partner in the Miami office of Shutts & Bowen LLP, where he is Chair of the Land Use and Government Relations Practice Group and a member of the Real Estate Practice Group. A Martindale-Hubbell AV® rated attorney, Alex concentrates his practice on governmental matters, including land use and zoning, public-private transactions, competitive bidding and lobbying, and commercial real estate transactions, including hospitality matters.