South Miami Approves 675-Bed Student Housing Project Near University of Miami

South Miami Approves 675-Bed Student Housing Project Near University of Miami

South Miami officials have approved SoMi Walk, a major student housing development located just minutes from the University of Miami. The project, led by Alta Development and Capstone Collegiate Communities, will replace an existing hotel and retail building with a 16-story residential tower designed specifically for students.

SoMi Walk will include 173 residential units totaling 675 beds, using a rent-by-the-bed model where each student has a private bedroom and bathroom while sharing common living areas. Rents are expected to start around $1,700 per bedroom, making it competitive with — and in some cases cheaper than — on-campus housing.

The approval comes amid a significant housing imbalance at the University of Miami. With approximately 19,000 students and only 6,000 on-campus beds, demand for off-campus student housing remains strong. While UM is building new dormitories, older housing is being demolished, keeping pressure on the surrounding rental market.

Amenities at SoMi Walk will include multiple pool decks, a large fitness center, study rooms, saunas, and outdoor lounges. Its location near the South Miami Metrorail Station provides easy access to campus, adding to its appeal.

Developers point to the success of nearby projects like Vox Miami, which is nearly fully leased, as evidence of sustained demand. From an investment standpoint, student housing often outperforms traditional apartments due to higher rents per square foot achieved through individual bedroom leasing.

Demolition is expected to begin in early spring, with construction targeted for completion by May 2028, in time for the Fall 2028 semester. As Miami continues to grow as a university-driven market, SoMi Walk highlights why student housing is becoming one of the city’s most attractive real estate sectors.