Spanning more than 698,000 total square feet, Rainbow Village will include 310 affordable housing units, almost 12,000 square feet of retail, more than 50,000 square feet of amenity space, and 442 parking spaces.
“We are laser focused on delivering strong results and maximizing value for our owners, and these awards reflect the dedication and effort our Miami teams invest in their properties,” said Chris Rotolo, president of Stiles Property Management.
UHealth will occupy 11,243 square feet, which will include comprehensive eye care from Bascom Palmer Eye Institute, and physical therapy services, such as hand therapy and pelvic floor rehabilitation.
The transaction marks the highest value attributed to a freestanding restaurant property in Florida’s history, showcasing the demand for irreplaceable assets in Miami’s exclusive South of Fifth neighborhood.
This exciting new destination is set to open in early 2026 and will offer a mix of indoor and outdoor dining, entertainment, and year-round activations to enhance the fan experience.
The first phase of the project includes a total of 350,000 square feet of revamped and newly built retail space, along with three 8-story multifamily buildings with 470 market-rate apartments.
The $1 billion transit-oriented community will rise across from Miami-Dade County’s SMART Plan Dolphin rapid transit station as part of a public-private partnership.
The building is leased to a mix of 25 office and retail tenants.
Jeremy Larkin, Co-Chairman, along with Jake Guso and Craig Merlin, Associates of NAI Miami | Fort Lauderdale, represented the landlord and assisted with the planning, development, construction, and leasing of the property that began in January 2020.
The property is situated on a corner lot at the high-traffic intersection of 54th Street and N.W. Seventh Avenue, minutes from Wynwood, Downtown Miami, the Design District and Midtown, making it an ideal location for workforce housing.