The Real Deal Miami

Miami developers seek $66.4M for affordable housing

County commission's finance committee will vote on the projects next week
Miami-Dade county commission

Miami-Dade County Hall

A group of five developers are asking Miami-Dade County to approve a combined $66.4 million in tax-free bonds to subsidize affordable housing projects.

The separate measures will go before the county commission’s finance committee next week. If approved, the entire county commission would vote on them, according to the South Florida Business Journal.

In the largest project, Plaza at the Lyric developed by Lyrid Housing, is asking for a $18.5 million bond to build 158 affordable housing units on the northeast corner of Northwest Second Avenue and Northwest Ninth Street.

Superior Manor Apartments LLC wants a $13.5 million bond to build 139 affordable housing units at 5155 Northwest 24th Avenue.

And in Coconut Grove, developer Randy Rieger’s AMC HTG I Ltd. applied for a $12.55 million bond to build an 84-unit affordable housing project called Courtside Family Apartments.

Meanwhile, Related Group affiliate Smathers Phase Two requested $12 million in bonds to construct 130 affordable housing units near Southwest 11th Street and Southwest 30th Avenue. And River Oak Partners, an affiliate of Hollywood-based Cornerstone, applied for a $9.75 million bond to build 160 affordable housing units at 501 Northwest Fifth Avenue in Florida City. [South Florida Business Journal]Christopher Cameron

  • jason

    Who’s is looking over all of this for corruption?

  • Edward Armando Escobar

    This is ridiculous! They are awarded these projects via a bid and AFTER winning they want to turn around and have us help fund these projects? I think this is REALLY bad business. They will own the buildings long term and CHOOSE to get in the biz of affordable housing, therefore taxpayers should not be responsible for padding their profits or absorbing their risk on the front end.