Miami Beach City Commission approved measures to encourage hotel owners to redevelop into condos or multifamily projects. The move comes with the hope of increasing housing in the South of Fifth neighborhood. The measure will allow hotel owners to increase the allowable floor area ratio (FAR) from 2.0 to 2.75 if they agree to convert their land from transient to residential use. - To receive the density bonus, property owners must pledge that any new projects will not allow rentals shorter than six months.
- The measure currently targets hotels in the South of the Fifth neighborhood, such as The Marriott Stanton South Beach, The Hilton Bentley Miami/South Beach, and the Savoy Hotel & Beach Club.
- Although intended to encourage hotel owners to redevelop their properties, no hotels have publicly announced plans to transition.
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