Miami City Commission approves developer incentives for workforce housing

Miami /
Feb.February 24, 2017 03:00 PM

Residential developers in the city of Miami who set aside condos or apartments for working class stiffs will receive substantial increases in density for their projects.

The Miami City Commission voted 3-0 on Thursday to approve the measure that grants density bonuses to residential projects that include units designated as workforce and affordable housing.

“This is exactly what we need,” said commissioner Frank Carrollo. “We will be wasting an opportunity if we don’t move forward and make sure this housing crisis we are facing is tackled with innovative thinking.”

Albert Milo, principal and vice president of Related Urban Development Group, said the measure is necessary in order for developers to build residential projects blue collar workers can afford. “We think it is very forward thinking,” Milo said. “Without this type of carrot [for developers], what you are telling young adults is that you can go to college, get a degree, get a career but don’t come live in Miami.”

He added: “The only way to address this crisis is with supply.”

However, Miami city activist Elvis Cruz warned commissioners the measure could lead to even more overdevelopment. “The city is already zoned to allow eight times the housing units since the 2010 census,” Cruz said. “The city is hugely over-zoned.”

In addition, the city commission also approved on first reading a separate measure that rewards developers of projects in which all the units are set aside for people whose income ranges between 60 percent of the area median income and 140 percent of the area median income set by the U.S. Department of Housing and Urban Development.

The incentives include no limitation on the number of stories for buildings 75 feet in height to 240 feet in height, no maximum lot area requirements, and parking space reductions beginning at 35 percent.


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...