Built in the 1960s on Biscayne Bay, the Stanley Axlrod UTD Towers provide waterfront housing for low-income and disabled elderly residents in an area where other tenants routinely pay more than $2,500 per month—but that could soon change, according to the Miami Herald.
The building’s landlord, a not-for-profit created and managed by the United Teachers of Dade, wants to sell the building. The union’s desire to sell the building isn’t all that surprising considering that the tower sits on land valued by the county property appraiser at about $10.6 million.
Karen Aronowitz, president of the UTD union since 2004, says this is the closest the union has ever been to making a deal since her tenure began.
“Since I have come into office, it’s something we’ve been exploring,” Aronowitz said. “It’s an old building, and we want to make sure we do what’s in the best interest not only for the tenants of the building but for us as an organization, as well.”
The tower was originally built to serve as a retirement home for educators, but financial complications have thwarted its purpose.
Retired teachers make too much money to comply with federal income caps on the building’s 200-plus units, making the union’s continued ownership of the building that much more unlikely. [Miami Herald]—Evan Bleier