The Live Local Act could pave the way for a project that would involve restoring and expanding on the Bancroft Hotel in Miami-Dade County.
Developers Pebb Capital, Maxwell Real Estate Group, and GFO Investments want to restore the historic art deco hotel built in 1939 and replace its dining space (located separately from the hotel and built in the 1990s) with residences and hotel keys.
The project calls for a 25-story tower that would comprise 487,633 square feet of build-up-area space. It would host 124 residences; fifty would be designated as workforce housing for households earning at or below 120 percent of the area median income (AMI). They would average about 470 square feet each. The remaining 74 residences would be luxury condos “offering some of the best views in the area,” per Floridian Development.
Residents of the workforce units and luxury condos will share communal amenities, some of which include a resort-style swimming pool/deck and various undisclosed interior amenities. Additional features of the 325-foot-high tower include 42 hotel rooms. Guests of the hotel will have access to their own set of offerings, some of which include a restaurant and swimming pool…