Emerald Dunes will be located near the Miami Dolphins' Pro Player Stadium, about 12 miles north of the city's CBD. The project will consist of 141 units and will add affordable rental housing to an area where there is strong demand for such housing and market-rate rental housing is out-of-reach for many residents.
In Miami-Dade County, a full-time worker must earn 277% of the minimum wage to afford a two-bedroom apartment at fair market rents, according to the National Low Income Housing Coalition. Strengthening the affordable rental housing demand is the fact that much of the affordable rental housing in the area is running at 100% occupancy and has waiting lists.
When completed in early 2005, Emerald Dunes will consist of seven two-story, garden-style apartment buildings and a community building. The one- to three-bedroom units will range from 669 sf to 1,148 sf. Monthly rental rates for one-bedroom units are anticipated to start at $218, much less than the $676 average rent for similar apartments in the market. All of the apartments will be targeted toward residents who earn no more than 60% of the area's median income--$48,200.
"The new complex is a very solid investment for Related Capital, as the Miami economy continues to reap the benefits of migration to South Florida, and with it an increasing demand for affordable housing," according to Patrick Martin, managing director of Related Capital.
The units will feature frost-free refrigerators, ceiling fans, range/ovens, dishwashers, garbage disposals, walk-in closets in most of the units, mini-blinds and central air. Property amenities will include a clubhouse with a community room, a pool, a library, an exercise area and a barbeque/picnic area. Residents also will be offered free social services, which will include financial assistance with buying a home, job training and social activities.
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