A Miami developer is planning to begin construction on a 398-unit apartment tower in 2022.
NR Investments says it wants to build the project as workforce and affordable housing units, with starting prices ranging from $1,747 for a studio to $2,750 for a 2-bedroom.
The developer is asking the Omni Community Redevelopment Association for a grant of $15 million and an additional $13.6 million in Tax Increment Financing in order to be able to price the apartments at those affordable prices.
The CRA board was scheduled to review the financing requests at a meeting yesterday.
In addition to the apartments, the project is planned to include 9,000 square feet of ground floor retail.
Construction is planned to get underway in June 2022, with completion in October 2024.
Total construction cost of the tower is estimated at $141.4 million.