Integral Group Breaks Ground on Miami Senior Affordable Housing
PNC Bank provided $13.4 million in LIHTC equity.
The Integral Group has broken ground on Wellspring Apartments, a 99-unit affordable senior housing community in Opa-locka, Fla., in Miami-Dade County. ANF Group serves as construction manager for the $33 million project.
PNC Bank provided $13.4 million in LIHTC equity, while Miami’ Dade’s Affordable Housing Trust funded the development with $1 million.
The property will cater to seniors aged 62 and over. Of the total, 67 will be reserved for residents earning below 50 percent of the area median income, while the remaining 32 will be put aside for those earning up to 60 percent of AMI.
READ ALSO: How LIHTC Bill Could Ease the Affordable Housing Crisis
Upon completion, the community will comprise a mix of studio, one- and two-bedroom apartments. Amenities are slated to include a library room, fitness center, community center with kitchen and covered terrace. The property will also feature a 44,000-square-foot medical office and wellness center catering to underserved communities.
Located at 14701 NW 27th Ave., the site is roughly 13 miles from downtown Miami via the nearby Interstate 95. The development is some 2 miles from Miami-Opa locka Executive Airport and 10 miles from Miami Executive Airport, as well as less than 2 miles from the Opa-locka train station.
Affordable development in Greater Miami
As of May, there were more than 150 multifamily properties under construction in Greater Miami, totaling more than 43,000 units, according to Yardi Matrix information. Roughly 5,400 residences of the total pertain to fully affordable communities. Additionally, some 150 income-restricted projects are in the planning and prospective stages.
Recently, Pinnacle broke ground on Pinnacle at La Cabaña, a 110-unit affordable senior housing development in Miramar, Fla., also near Miami. The project’s development costs surpass $40 million and completion is expected in 2025.
