Related Group Breaks Ground on Miami Mixed-Income Project
The development is due to come online in the fourth quarter of 2025.
Related Group has broken ground on Gallery at Marti Park, a 176-unit mixed-income community in Miami. The project expects completion by the fourth quarter of 2025. The developer entered a 75-year ground lease with Miami-Dade County for the site which previously housed a one-story community center.
Approximately half of the project’s units will lease at market rates, while the rest will target various levels of income: A part of them will be reserved for low-income seniors under the Rental Assistance Demonstration program, while others will cater to households earning between 80 and 120 percent of the area median income.
Designed by CMA Architects, the 12-story community will encompass one- and two-bedroom floorplans ranging from 622 to 850 square feet, as reported by Florida YIMBY. Amenities are set to include a private bike storage room, grilling areas, a fitness center, a clubhouse and a coworking center.
New supply in the Miami housing market
Located at 450 SW Fifth St., within Miami’s Little Havana neighborhood, the site is just west of Interstate 95 and roughly 1 mile from downtown Miami. The property is also some 7 miles from the Miami International Airport and less than 3 miles from the University of Miami Health System.
As of August 2023, developers brought online 5,868 units in metro Miami, accounting for 1.7 percent of stock, above the national rate, according to a recent Yardi Matrix report. Of the total new supply, 16.3 percent of residences pertained to fully affordable properties.