MIAMI—It's the newest residential development to go vertical in Downtown Miami—and it tackles two of the biggest challenges in the city's recovering housing market. Brickell View Terrace addresses the lack of market-rate rental apartments and the shortage of affordable housing options within the urban core.

The multifamily tower is a joint venture between Pinnacle Housing Group and East Little Havana Community Development Corporation. Located at 940 Southwest 1st Avenue, the 23-story apartment building will combine 76 traditional multifamily units and 100 affordable housing units within a single building.

The project marks the first mixed-income multifamily building to be developed in Miami. Miami, ranked as the nation's least affordable major city according to the Center for Housing Policy, becomes the latest US market to adopt the mixed-income model, which has proven effective in cities from New York to San Francisco.