A Related Group affiliate and Miami-Dade’s public housing agency have delivered SoMi Parc, a 172-unit mixed-income housing community in South Miami. The two-phase project will replace the South Miami Gardens public housing. The second phase of the SoMi Parc Master Plan is Gallery at SoMi Parc, which will feature 386 apartments, 20 townhouses with ownership opportunities and approximately 8,100 square feet of commercial space.
Commercial Edge reports a total of 80 percent of Residences at SoMi’s units are reserved for households earning at or below 80 percent of the area median income, with 58 of the units being under the Rental Assistance Demonstration program. The remaining 20 percent of the apartments will be market-rate.
Financing for the project included a mix of tax credits, government grants and a $44 million construction loan from Huntington National Bank.
CIVICA Architecture designed the project. Located at 5961 SW 68th St., the transit-oriented development is just two blocks from the South Miami MetroRail Station.
The post Related Wraps Up 172-Unit Miami Mixed-Income Project appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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