Related Urban Unveils $600M Miami Project
- Nov 15, 2019
Miami-Dade County’s public housing agency has teamed up with Related Urban Development Group to build a 22-acre, $600 million affordable and workforce housing development in Miami’s Little Havana neighborhood. The public-private partnership this week broke ground on the second phase of the redevelopment project, a 150-unit housing community called Gallery at River Parc.
In concert with the groundbreaking, Miami-Dade County Mayor Carlos Gimenez and Commissioner Eileen Higgins unveiled the overall River Parc Master Plan, an ambitious scheme to redevelop a dilapidated public housing site into a modern, 2,600-unit mixed-income neighborhood on the south bank of the Miami River.
Phase one of the project involved the redevelopment of Martin Fine Villas into a new 104-unit senior apartment property, which opened in October 2018. Another existing community, the Haley Sofge, will be torn down in future phases of development, with all current residents being relocated to new units on site. A third property, Robert King High, will be renovated.
All existing public housing residents will stay on site and their rents will remain unchanged. The master plan will take shape through 10 or more phases that will ultimately add 1,800 new affordable and workforce housing units to the 800 units in the existing senior housing buildings, creating the largest mixed-income project in Miami-Dade to date.
New mixed-income community
Gallery at River Parc is being built at 780 NW 13th Court, northwest of downtown Miami. Upon completion in the second quarter of 2021, the property will provide 40 studios, 70 one-bedroom units and 40 two-bedroom units, with 80 percent classified as workforce housing and 20 percent as affordable housing.
Amenities of the new community will include a swimming pool, fitness center, business center and multi-purpose room, as well as an art exhibition space in the building lobby. Residents will also have access to Related and Livly’s resident experience app. SunTrust Bank is arranging financing for the property, with Justin Ginsberg, Donna Kelce, and Rebecca M. Cox as the leads on the transaction.
Related Urban Development Group is part of The Related Group, a Florida developer helmed by billionaire Jorge Pérez and affiliated with The Related Cos. The company recently notched the largest multifamily sale in Tampa Bay’s history by selling Icon Harbour Island, a 340-unit luxury high-rise, to Olympus Property for $131.5 million.