(Read more on the multifamily market.)
MIAMI-Construction has started on Allapattah Village, a $60-million project that will include 200 units of affordable housing on top of a 27,000-sf YMCA. The two-phase project will be completed in summer 2009.
The project is being developed by YMCA of Greater Miami, Coconut Grove, FL-based Carlisle Development Group and locally based Biscayne Housing Group, whose principals are Michael Cox and Gonzalo DeRamon. The residential development will rise at the intersection of NW 17th Avenue and NW 23rd Street in the Allapattah neighborhood, which is in the northwest quadrant of the city. The Jackson Hospital and fruit packing and warehouse district are located close to the project. "This is an older, working class neighborhood that has seen little investment over the past few years," Cox tells GlobeSt.com.
The first phase is a 12-story tower with 110 apartments in a mix of one-, two- and three-bedroom units that will be rented to families. The second phase is a nine-story tower with 90 one-bedroom units earmarked for seniors. The YMCA will contain 17,000 sf of recreational space and a 10,000-sf daycare. Locally based BJ&K is the general contractor on the project and Corwil Architects Inc., also from Miami, designed it.
Cox says 85% of the senior one-bedroom units will be rented for $666 and 15% will be rented for $366. In the family apartments, 85% of the units will cost $666 for a one-bedroom, one-bathroom unit; $801 for a two-bedroom, two-bathroom unit and $924 for a three-bedroom, two-bathroom unit. The remaining 15% of the units' rents are $366 for a one-bedroom, one-bathroom unit; $440 for a two-bedroom, two-bathroom unit and $508 for a three-bedroom, two-bathroom unit. "All tenants will automatically become members of the YMCA," Cox says.
The Allapattah YMCA was recently demolished to make room for the project. Funding for the YMCA portion was provided by Miami-Dade County's general obligation bond. Funding for the residential phases was provided by Florida Housing Finance Corp. and Miami-Dade County.
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