Related Urban Kicks Off $106M Miami Redevelopment
The firm’s affordable housing arm is partnering with the county for the 383-unit Opportunity Zone project.
Three Round Towers/Brisas del Este. Rendering courtesy of Related Group/Miami-Dade County
Related Group and Miami-Dade County have broken ground on Three Round Towers B&C/Brisas del Este, a $106 million affordable housing redevelopment project in the Allapattah neighborhood. The 383-unit Opportunity Zone project will draw on federal, state and county funds for the rehabilitation of two existing towers and the creation of an adjacent new construction building.
The existing Three Round Towers development was built in 1970 on a roughly 7-acre site at 2920 NW 18th Ave. The property consists of Towers A, B and C along with a community center and resident parking. Tower A was refurbished in 2018, and the new effort will involve the overhaul of Towers B and C and the construction of Brises del Este, an affordable housing property with 120 units.
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For the project, which will result in a combined total of affordable 383 units across the three buildings, Miami-Dade County partnered with Related Urban Development Group, the affordable housing arm of developer Related Group. The partners held a groundbreaking ceremony on Thursday that was attended by U.S. Secretary of Housing and Urban Development (HUD) Ben Carson, U.S. Senator Marco Rubio, Miami-Dade County Mayor Carlos Gimenez and other officials.
Multi-layered financing
The redevelopment will harness $24 million in federal Opportunity Zone funds along with other federal and U.S. Department of Housing and Urban Development (HUD) resources. These will include such as Low-Income Housing Tax Credits (LIHTC), Rental Assistance Demonstration funding (RAD), Home Investment Partnerships (HOME) and a Purchase Money Mortgage (PMM) of $18 million from the county to the developer, along with county and state surtax funds. The three-building development will contain 102 units of RAD PBV conversions, 33 units of PBVs and 248 units of Low-Income Housing Tax Credit (LIHTC).
Features of the revitalized and enlarged community will include electrical, plumbing and HVAC system upgrades; new impact windows and doors; new flooring throughout the interiors; new kitchen cabinets with granite countertops; new kitchen appliances and cable/satellite TV hook-ups. The redevelopment will also bring green building features such as Energy Star full-size ranges, low-flow faucets, dual flush toilers and shower heads and air conditioning units with a minimum SEER rating of 14.
