Related Urban Development Group and Miami-Dade have unveiled plans to build 1,800 new housing units at River Parc near Marlins Stadium.
The plans were unveiled at a groundbreaking for the 150-unit Gallery at River Parc, which will include both affordable and workforce housing. Miami-Dade County Mayor Carlos A. Gimenez and Commissioner Eileen Higgins attended the groundbreaking and unveiled the new master plan.
Related is planning to partner with Miami-Dade to build the River Parc Master Plan on a 22-acre property in Little Havana, across from Marlins Park and near the Health District and Downtown.
There are currently 800 unis there in three public housing developments – Robert King High, Haley Sofge and Martin Fine Villas. Under the new Master Plan an additional 1,800 affordable and workforce housing units will be added, bringing the total housing count to 2,600. All 800 existing public housing residents will stay onsite at the same rent.
Gallery at River Parc will will feature 80-percent workforce and 20-percent affordable housing. Amenities will include a swimming pool, fitness center, multi-purpose room, and business center. The building lobby will feature an art exhibition space for young and aspiring artists to showcase their work and hosting of other events. Residents will have access to the Related-Livly App, including an integrated package management system. There will be 40 studios, 70 one-bedroom/one-bathroom units and 40 two-bedroom/two-bathroom units, each with a washer/dryer. .
According to the Miami-Dade County website, workforce housing is defined as housing that is affordable for families whose incomes are within 60 to 140 percent of the County’s area median income as reported by the United States Department of Housing and Urban Development and adjusted to family size ($42,600 to $99,400, respectively, for a family of four). Income limits for affordable housing are lower.
Financing for Gallery at River Parc is being arranged by SunTrust Bank. Justin Ginsberg, Managing Director at SunTrust Commercial Real Estate Agency Lending, Donna Kelce, Senior Vice President at SunTrust Community Capital, and Rebecca M. Cox, Senior Vice President at SunTrust Commercial Real Estate, are the leads on the transaction.