$600M River Parc Project in Miami-Dade Takes Shape
The River Parc Master Plan (Senior Campus Redevelopment) consists of three public housing developments—Robert King High, Haley Sofge and Martin Fine Villas, that feature a total of 800 units.
MIAMI—Related Urban Development Group has begun construction on the next phase of the $600-million redevelopment effort to bring 1,8000 new affordable and workforce housing units to a 22-acre section of Miami’s Little Havana neighborhood.
The Miami-based development firm recently broke ground on the Gallery at River Parc, a 150-unit affordable and workforce housing development. Earlier this month, Miami-Dade County Mayor Carlos A. Gimenez and Commissioner Eileen Higgins, with other officials with the Department of Public Housing and Community Development, including Ms. Denise Cleveland-Leggett, Region IV Administrator for the U.S. Department of Housing and Urban Development, Related Urban Development Group and SunTrust, unveiled the River Parc Master Plan for the 22-acre site.
The River Parc Master Plan (Senior Campus Redevelopment) consists of three public housing developments—Robert King High, Haley Sofge and Martin Fine Villas, that feature a total of 800 units. Under the new master plan an additional 1,800 units of affordable and workforce housing units will be added, bringing the total housing count to 2,600 units. All 800 existing public housing residents will stay onsite, and their rents will remain the same.
The Gallery at River Parc, the second phase of the project, will add such amenities as a swimming pool, fitness center, multi-purpose room and business center to the property located across from Marlins Park.
The building lobby will feature an art exhibition space for young and aspiring artists to showcase their work and hosting of other events. Resident offerings will also include the Related-Livly App to deliver a unified digital platform for a best-in-class resident experience, 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 efficiently designed and featuring their own washer/dryers. It will feature 80% workforce and 20% affordable housing.
“This project is a key example of what can happen when the public and private sectors work together to solve key community issues,” said Albert Milo, president of Related Urban Development Group. “We feel this mixed-income model, and specifically, this 80/20 structure which is a unique approach for South Florida, can effectuate real change in the City’s affordable housing crisis and we hope this will serve as a model for future developments.”
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, SVP at SunTrust Community Capital, and Rebecca M. Cox, SVP at SunTrust Commercial Real Estate, are the leads on the transaction.