Miami commission approves Avra Jain’s restoration project in Overtown

CRA will fund Jain's rehab of five apartment buildings

Miami /
Feb.February 28, 2018 12:30 PM

Rendering of project and Avra Jain (Credit: City of Miami)

Five garden-style apartment buildings in Overtown are in for a major restoration led by developer Avra Jain.

The Miami City Commission unanimously approved a proposal submitted by the Omni Community Redevelopment Agency, which included a request by Jain’s Vagabond Group to buy and rehabilitate the rental buildings at 1541 and 1535 Northwest First Place and 1540 Northwest First Court.

The Omni CRA will grant Jain $2 million to restore the property, and lend the developer $1.8 million to maintain low rents for the next 30 years. Average monthly rents are $460 for a studio apartment, $554 for a one-bedroom apartment, $673 for a two-bedroom apartment and $825 for a three-bedroom apartment.

Commissioner Keon Hardemon requested that a portion of the profits go back into a community development corporation. Funding will come from the CRA’s tax increment financing program, which sets aside roughly 10 percent of its annual revenue for affordable housing projects.

Records show DSI Place LLC, led by Dmitri Sytchev, paid $145,000 for the properties in 2013. The apartment buildings were built between 1949 and 1952.

Jain is active in Little Haiti and MiMo, where she restored the Vagabond Hotel and South Pacific Motel. She recently renovated more than 20 affordable housing units in Little Haiti, which she funded from a $500,000 low-interest loan from Miami-Dade County.

A number of investors and developers have purchased land in Overtown, including David Beckham. He and his partners are planning a 25,000-seat, $200 million MLS Stadium.


Related Articles

arrow_forward_ios
Robert Suris and a rendering of the project

Hollywood approves downtown demolition, paving way for mixed-use apartment project

Hollywood approves downtown demolition, paving way for mixed-use apartment project
From left to right: 3333 South Port Royale Drive in Fort Lauderdale with Invesco CEO Martin Flanagan and Mill Creek CEO William MacDonald (Invesco, Mill Creek)

Mill Creek, Invesco sell Fort Lauderdale apartments for $180M

Mill Creek, Invesco sell Fort Lauderdale apartments for $180M
Avalon Communities CEO Timothy J. Naughton and renderings of the project with AvalonBay head (Corwil Architects)

Apartment developer buys South Miami Winn-Dixie site from Bacardi JV

Apartment developer buys South Miami Winn-Dixie site from Bacardi JV
Kevin Neal, Trinsic Residential’s managing director for South Florida, and a rendering of the project

Trinsic set to build 292-unit apartment complex in Delray Beach

Trinsic set to build 292-unit apartment complex in Delray Beach
Steelblock CEO Ignacio Murman and 13300 Alexandria Drive in Opa-locka (Steelblock, Google Maps)

Steelblock buys Opa-locka apartment complex for $8M

Steelblock buys Opa-locka apartment complex for $8M
A rendering of Adela at MiMo Bay, Michael Van Der Poel of ACRE, and QuadReal CEO is Dennis Lopez

American Legion rental project in MiMo District launches leasing

American Legion rental project in MiMo District launches leasing
From left: A rendering of Deco Green and developer Ricardo Hernandez, and a rendering of Element with developer Norman Weinstein (Credit: Dominick Ranieri Architect and Rosemurgy Properties)

Lake Worth Beach CRA approves two apartment complexes

Lake Worth Beach CRA approves two apartment complexes
4 West Las Olas

Fort Lauderdale developers score $92M bridge loan for rental tower

Fort Lauderdale developers score $92M bridge loan for rental tower
arrow_forward_ios

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

Loading...