Construction on the 12-story, 228-residence tower at 3100 NE 1st Ave. is already underway. 

The project, which is being developed by The John Buck Company, Florida Value Partners, BH Group and PEBB Enterprises, will comprise 306 for-sale residences and 245,000 square feet of office space. 

This phase, dubbed Serenity Liberty Square, is part of the massive nine-phase redevelopment of Miami’s historic Liberty Square public housing community. 

Marina Landings will bring 34 homes priced from the low $1 millions to the supply constrained market. 

The median price of a new home sold during the month fell to $418,800 from $433,100 in August, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported. 

Specifically, single-family homes were built at a seasonally adjusted annual rate of 963,000, up 3.2% from 933,000 in August and up 8.6% from 887,000 a year earlier, according to government figures. 

Single-family home permits and completions, meanwhile, also rose, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

A surge of residential and other developments in North Miami and neighboring Aventura are reshaping the South Florida landscape. 

Demand for newly built homes has remained strong as high interest rates keep many would-be sellers of existing homes off the market. 

The larger-than-expected increase comes as homebuilder sentiment rose for the sixth month in a row. 

A shortage of existing inventory continues to drive buyers to new construction. 

Single-family permits also posted a gain, indicating even more new homes are headed to today’s supply-constrained housing market. 

Homebuilder optimism was buoyed by continued shortages of new housing inventory, the National Association of Home Builders reported. 

U.S. government data shows builders increased the pace of single-family home construction while slowing the pace of multifamily starts. 

The National Association of Home Builders/Wells Fargo Housing Market Index rose for the fourth month in a row in April as the construction industry remained “cautiously optimistic.”     

The supply of new homes for sale ticked lower from February, according to government figures.