What Spurred Quick Lease-ups at Miami’s New Senior Communities?
- Mar 25, 2015
Miami—Three affordable housing developments in Miami’s West Brickell district have quickly leased up just four weeks after each received its certificate of occupancy. The announcement was made by The Richman Group, which developed the communities targeted for adults 55 and older.
The 185 units of new affordable housing in the Vista Grande, West Brickell View and West Brickell Tower developments will help revitalize the area along SW 2nd Avenue and 8th Street, officials of The Richman Group believe. Early response to the communities has been strongly favorable, with observers commenting positively on the location. The West Brickell neighborhood is a revitalizing enclave adjacent to retail, job centers, area museums, parks and restaurants.
Each building has its own distinctive flair reflected in colorful interior design and contemporary furnishings. And each offers well-planned amenity spaces that include resident club room with kitchenette and entertainment area, state-of-the-art fitness center, resident computer center, elevator access and on-site parking.
Among features of the one- and two-bedroom apartments are oversized windows offering panoramic views of the city, ceramic tile floors, full appliance packages in kitchens and washer-dryers.
Miami is one of the most costly cities for renters, making access to affordable housing a very important priority. Rents in the Magic City consume 43 percent of the typical household’s income. That’s a substantial increase over the city’s historical average of just more than a quarter.
“We did anticipate a quick lease up because there is enormous demand for high-quality affordable housing in Miami,” said Todd Fabbri, executive vice president for The Richman Group of Florida Inc. “The product that we delivered was of the highest quality, in a location that has seen very little supply in past years.”
Moreover, Miami’s Brickell area is one of the few locales in the Sunshine State that offers a true urban living experience, he added.
“The immediate area is extremely walkable, and enjoys world class transit opportunities,” he observed. “Residents of the Brickell area can enjoy a variety of retail and neighborhood shops, restaurants and neighborhood cafes and cultural activities.”