NR Investments Asks For Taxpayer Funding To Kickstart Construction Of 17th Street Tower In Omni Area

Taxpayer funding could help finance the proposed the 17th Street Tower.

Developer NR Investments is asking the Omni Community Redevelopment Agency for the assistance. The CRA also provided taxpayer funding for NR’s Canvas condo tower next door, which was completed this year.

Two separate grants are being requested:

  • A $6.5 million upfront cash grant, to be issued when a building permit is obtained
  • A 95% rebate of taxes paid to the CRA, amounting up to around $8.5 million over the future life of the agency

In exchange for the taxpayer funding, NR will agree to restrict rents for as long as the CRA remains active (either 2030 with some units restricted until 2038, or 2047).

Affordable units will see studio units have a pricing cap of $2,100 through the end of the term, while 1 bedroom units will cap out at just over $2,200. A total of 252 units are being proposed, all studio and 1 bedrooms and all with the affordable capped pricing.

The Omni CRA is scheduled to vote on the deal at a meeting October 30.

 

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Anonymous
1 year ago

A studio at $2100 is affordable?

Anonymous
1 year ago

and I beat the developer will meet the minimum requirements for affordability meaning most of the studios will be listed at $3,000/M

Anonymous
1 year ago

for me it is.

Tired of the North!
1 year ago

What a joke!

Anonymous
1 year ago

What a bad joke!

Anonymous
1 year ago

This is a slap in the face to affordable housing. To qualify for affordable housing designated as such, you cannot earn more than 80% of the area median income (AMI), which is $52,300 for Miami-Dade County. That means a household cannot earn more than $41,480 to live in a $2,100 studio. To qualify for most housing, you’re supposed to make 3x the rent amount. So, at $2,100 a month, that’s $25,200 a year, which means you’d have to earn $75,600 to qualify for this studio. Either TNM got it wrong, or NRI and Omni need to change the rents for those “affordable” units ASAP.

Anonymous
1 year ago

You should read the proposal, 10% of the units are capped at $953 or less.

30% of the units (52 Units) are capped between $889-1589. Is there any other new construction building in downtown Miami with such restrictions?

Anonymous
1 year ago

You’re right, I didn’t read the attached proposal, just TNM article. Thanks for pointing that out.

Anonymous
1 year ago

A studio at $2100 is affordable?

Anonymous
1 year ago

yes for some of us this is cheap. it’s all relative.

Anonymous
1 year ago

this is insane!!! How wonder people from other places move here for a year and then decide to leave.

Anonymous
1 year ago

Kill the parking garage and extend past 2030. Then we can talk about tax-payers paying.

Anonymous
1 year ago

#troll

Anonymous
1 year ago

Lol bye

Anonymous
1 year ago

You can find rents like this or better in non-taxpayer financed buildings.

How about actual affordable rates or gtfo?

We all know what this is – an attempt to get around the fact the business cycle is on the downswing and there isn’t enough foreign investment to prop up a luxury tower in a marginal area.

Anonymous
1 year ago

Wow, there are 100 units below 1,500 per month!! sign me up! I see that there are both studios and one bedrooms below $1,000 per month. Is there any new construction with such low prices in the area? I can’t wait!!! I’ve seen Canvas and NR built a great product there!!!

Anonymous
1 year ago

This article is misleading.

Look at the attached proposal.

10%+ of units are capped at $953/month and less.

30% of the are capped between $889-1589.

This property will be the only affordable and workforce housing available and attainable for teachers, nurses, firefighters, police officers and young professionals in the downtown area.

Is there any other project in downtown Miami that has 30% of all of its units capped between $889-$1589 month?

Affordable housing is a major issue for Miami and this area is probably the last area in downtown Miami where it can be done.

Look at this article from pbs.

https://www.pbs.org/newshour/show/miami-residents-priced-out-of-a-city-built-for-the-rich?utm_source=facebook&utm_medium=pbsofficial&utm_campaign=newshour&utm_content=1572300010

Anonymous
1 year ago

What a joke of an article… totally misleading

Anonymous
1 year ago

Boo!
Im not your _____, _____! Buy your own damn fries!

Anonymous
1 year ago

It’s comical how with all of that develop-able ;and in that area that they’re trying to build literally inches from Canvas!

Anonymous
1 year ago

this is funny. reminds me of the first time i looked at a unit at Aria facing south. When i walked in the first thing i saw was a really fat woman sitting on a lawn chair smoking on the balcony of the rental building out the window an arms length away. memories !! funny stuff.
get a grip ya’ll

Anonymous
1 year ago

I wouldn’t mind if I lived in canvas facing north….right now I see a terribly maintained cemetery and not much else… when this thing Is completed at least I’ll see a nice pool deck and landscape…..and within 10 years other buildings will have blocked my “view” anyway…

Anonymous
1 year ago

just no. wtf.

Anonymous
1 year ago

We got to a point that all the new developments look all the same , same copy paste everything at ridiculous prices

Anonymous
1 year ago

I am furious with this article, do they really think a $2000 rent is affordable? they are laughing at us.
I agree with you we have the most boring, look the same buildings all over the urban core.
nobody else sees it???

Anonymous
1 year ago

Taxpayer funding, with that ugly garage?

Anonymous
1 year ago

What an absolute JOKE

TrappedInMiami
1 year ago

Somebody at the CRA is going to get PAID

Anonymous
1 year ago

HARDEMON !!!!!!!!!!!!!!!!!!!!!

Corruption?
1 year ago

Corruption #Hardemon

Jose G Martin
1 year ago

I would hate to have bought in CANVAS. I showed this project many times and for sure they almost played it as if that piece of land had been theirs. A lot of people will have lost money thanks to this greedy developer.

Anonymous
1 year ago

Welcome to Miami!! don’t you guys want to be just like new york city?

Anonymous
1 year ago

No. Prefer to be more like Chicago. So the people need to start being nicer with more manners like in the Midwest.

Anonymous
1 year ago

Paris

Anonymous
1 year ago

With the way things are going, nobody has wanted to become Paris for at least twenty-five years.