MIAMI—It's a bona fide first in affordable housing. Brickell View Terrace, Miami's first mixed-income rental tower, just hit a construction milestone.

The tower, which rose in the urban core, topped off construction at 23 stories. This development addresses two of the most pressing challenges facing the Miami's resurgent housing market: the lack of market-rate rental apartments and the shortage of affordable housing options within the urban core.

“Brickell View Terrace is literally one-of-a-kind, being the first residential development comprising both market-rate apartments and affordable rental housing in the City of Miami,” Friedman tells GlobeSt.com. “This is a very common model in New York, San Francisco, and other major US cities—but it has not arrived in Miami until now. Given that Miami ranks among the least affordable cities in the country, Brickell View Terrace will fill a significant need in a market that has been dominated by luxury residential product.”