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Rishi Kapoor is looking to develop a second Urbin-branded, co-living project on Washington Avenue in Miami Beach.
The Miami Beach City Commission on Monday granted preliminary approval to allow co-living units on Washington Avenue north of 12th Street, and to extend a deadline for Kapoor to obtain building permits until 2027.
Kapoor, CEO of Coconut Grove-based Location Ventures, is under contract to buy a retail building at 1509 Washington Avenue and a mixed-use apartment building at 1515 Washington Avenue, said Michael Larkin, a lawyer representing the developer.
Kapoor has submitted an application to redevelop the properties that will have to go before the Miami Beach planning and zoning and historic preservation boards, Larkin added.
In an email statement, Kapoor said the commission’s 6-1 first reading vote “is a step toward a future co-living project that we are exploring.” He declined to comment on the project’s details such as the number of co-living units, and if it will have other uses such as offices and retail.
Entities managed by Miami Beach real estate investor Jimmy Resnick own the two properties at 15th Street and Washington Avenue, records show. In 1991, he paid $550,000 for the retail building completed in 1972. And in 2015, Resnick bought the other building for $4.6 million. Kapoor’s contract purchase price is unknown.
The city has already approved Kapoor’s six-story co-living project at 1260 Washington Avenue, which he is developing under Location Ventures’ Urbin brand.
Under the proposed new legislation, the city would allow developers to build projects with co-living units north of 12th Street and Washington Avenue, but any proposed building cannot have hotel rooms or short-term rentals. In addition, only 50 percent of the project can be set aside for co-living units, and the apartments or condos must be a minimum of 275 square feet.
Kapoor would also get more time to complete both projects, with a 2027 deadline to obtain building permits. If the new rule is not approved on second reading, the developer would have until later this year to get his 1260 Washington Avenue project fully permitted.
Six commissioners rejected an attempt by commissioner Kristen Rosen Gonzalez to only give Kapoor a one-year extension to see if he completes the first project. She cast the sole ‘no’ vote for extending the deadline and expanding co-living on Washington Avenue. Rosen Gonzalez also trashed the co-living concept and an Urbin model co-living unit that she toured.
“I don’t see how people could live there,” she said. “I guess if you want to be in your kitchen and your bedroom at the same time, it’s fine. I really don’t like this [concept] for our city.”
Commissioner Ricky Arriola, who sponsored the co-living legislation, countered that the city has to encourage the development of more inexpensive housing in Miami Beach.”You and I may not want to live in these accommodations, but I think this is necessary in our city,” Arriola said. “It is an answer to some of our housing needs.”
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