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395-Unit Attainable Housing Development Planned for Miami
Published: September 13, 2007
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By Lisa Iannucci, Correspondent
Miami—‘Build for demand’ is the concept behind Morrison, a mixed-use development currently under construction. Just five blocks from Miami’s financial district, the community includes 395 condominiums.
The development partnership of Canyon-Johnson Urban Fund and mFm Construction has secured an $85-million construction loan with Citi Community Capital for the property, which is expected to open its doors in 2009.
mFm Partner Eli Dreszer says that Morrison is an “attainable housing solution” for the downtown Miami housing market that has experienced home prices rise so dramatically that buying has become beyond the means of most average middle-income residents.
“With more than 50 percent of the development sold, Morrison’s sales success proves there is strong demand for well-located housing at prices middle-income buyers can afford,” Dreszer tells MHN.
Located at Southwest Flagler Street between Southwest 7th and 8th avenues in Miami’s burgeoning East Little Havana neighborhood, Morrison’s two 19-story residential towers sit atop a six-story parking garage. The mixed-use development will also include more than 30,000 square feet of retail, 34,000 square feet of office space and 667 parking spaces. It is anticipated that retail uses will include a bank branch, coffee houses, drug store, beauty salon and restaurants.
Preconstruction prices for one- and two-bedroom condos range from the low $200,000s to high $300,000s. Incentive packages are also available, including the option for qualified buyers to place a five percent deposit towards their home purchase and distribute deposit payments until the start of construction.
The condos will feature modern European-style kitchen cabinetry; high-end stainless steel appliances; granite countertops in kitchens and baths; tinted, energy-efficient and impact-resistant windows and sliding doors; and large balconies offering expansive views of the bay, river and downtown skylines.
Community amenities include a fully equipped fitness center, yoga pavilion, two swimming pools, spa and sauna, clubroom, multi-purpose room, conference room, business center and 24-hour concierge service.
