North Miami gives nod to $50M mixed-use senior apartment project

Residences at NoMi is planned to have 175 units in three apartment buildings, with retail and office space and a garage

Mar.March 18, 2019 09:45 AM

A rendering of a pedestrian walkway along NE 123 Street and a rendering of the corner of NE 123 Street and NE 10th Avenue

The North Miami City Council gave the green light to Residences at NoMi, a planned $50 million mixed-use senior apartment complex.

The 175-unit project, developed by Trise Development, has been in the works for three years. It has been delayed due to neighborhood objections to the original plan which many residents considered too massive.

Residences at NoMi, at 950 Northeast 124th Street in North Miami, will consist of three apartment buildings. They will include a seven-story, 96-unit building with 8,925 square feet of retail on the ground floor; a three-story, 38-unit building with 12,000 square feet of professional office space, mostly medical; and a six-story, 41-unit building above part of the 220-space parking garage. The project will be built on a 1.95-acre site.

The complex will have affordable, workforce and market rate units.

The three apartment buildings will be connected by corridors. The garage will have a green roof with recreational amenities, including a pool, playground, gym and yoga studio.

The size of the project has been reduced considerably since it was first conceived. In this latest version, a 70-bed assisted living facility has been scrapped. The tallest part of the development, an apartment building facing 124th Street, was reduced from 10 stories to seven stories. The height of the building along 123rd Street went down from six stories to three. A planned ground-floor 3,600-square-foot event space will be replaced by 1,000 square feet of community space on every floor, which will feature card and computer rooms and laundry facilities.

“We dedicate almost one-third of the site to open space, including pedestrian promenades, recreation areas and an art and sculpture courtyard along 123rd Street,” said Markus Frankel, the project’s architect.

Developer Moe Yaghoubi said that he expects to break ground on the project by the end of the year or the beginning of 2020. But he said that he didn’t yet know how the development would be financed.

“We expect to get bank financing backed by governmental agencies. But the financing environment has changed a lot since we started working on the project,” he said. “Senior housing is in demand, especially in North Miami, but the federal tax incentives are worth less because the formula has changed. Because banks can claim less of a paper loss, there is less incentive” for them to participate in affordable housing developments.

Related Articles

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Rendering of Terra’s project and David Martin

Terra plans massive multifamily project in northwest Miami-Dade

2021-2035 Meridian Avenue, Rani Hussami and Colin Rockson

AquaBlue Group owner lists South Beach apartments for $14M

Daily Digest Miami

Palm Beach estate hits market for $110M, Gulfstream Park bets on $20M renovation

Riverstone Capital Group founder Jorge Portela and Shoppes of Forest Hill at 4316-4450 Forest Hill Boulevard (Credit: Google Maps)

Walmart-anchored shopping center in WPB sells for $20M

Gustavo Miculitzki, Jon Paul Perez, and Jay Roberts with a rendering of the project

Related, Block Capital sign deal with short-term rental operator

Shoppes at the Lexi with Kirk Olson and Drew Kristol

Latvian investor buys North Bay Village shopping center

Daily Digest Miami

Canadian investment group pays $103M for Lauderdale Lakes apartments, Macy’s warns of weak holiday sales