The Real Deal Miami

Perez gets $9.5M from county for new affordable housing venture

February 04, 2010 10:52AM

If luxury has not been good to Related Group developer Jorge Perez, the developer’s
flexibility will serve him well. He has partnered with the Urban
Development Group’s Albert Milo in an entity called to RUDG LLC, a
group formed to create affordable housing by finishing incomplete
rental buildings in Miami’s Little Havana neighborhood. The venture into
affordable housing comes on the heels of a so-called friendly
foreclosure on the three-tower, 1,800-unit Icon Brickell project,
which is now controlled by a group of lenders that are trying to sell
its 1,600 unoccupied units. The RUDG projects will get $3.7 million
for construction on the 24-unit Porto Allegre complex at 574 SW First
St. and $6.1 million to finish the 49-unit Toscana at 126 SW Eighth
Ave. Porto Allegre is about 80 percent complete and Toscana is 65 percent done.
Miami-based mFm Construction began the rental projects but ran into
serious financial difficulties. [Miami Today]