Developer breaks ground on mixed-income rentals in Little Havana

Two studios will be set aside for affordable housing, with rents starting at $480/month

TRD MIAMI /
Mar.March 12, 2020 12:30 PM
Rendering of Bonsai I with Ivanna Jimenez, Fernando Murzi and Jesus Luongo

Rendering of Bonsai I with Ivanna Jimenez, Fernando Murzi and Jesus Luongo

A Miami developer is taking advantage of the city’s mixed-income housing program to build a rental development in Little Havana.

Forth Development, founded by Ivanna Jimenez, Fernando Murzi and Jesus Luongo, broke ground on Bonsai I, an eight-unit building at 519 Southwest Fifth Avenue in Miami. Under the city’s mixed-income program, the developer can build twice as many units if affordable and workforce housing are included. Developers can receive a reduction in parking and the ability to defer impact fees.

Jimenez said two studios will be set aside for affordable housing, asking between $480 a month and $760 a month. Two one-bedrooms with a den will ask $1,550 and four two-bedroom, two-bathroom units will rent for $1,750 to $1,800 a month. The project is geared toward renters who work in downtown Miami and Brickell.

The building will also have six parking spaces, an outdoor grilling and seating area, and a dog park.

CLAD Architecture designed the building. Ocean Bank is providing the $810,000 construction loan.

Jimenez said the development group wants to build more projects similar to Bonsai I, but it has not acquired more land yet.

Co-living operator Common and short-term rental operator Stay Alfred have leased new apartment buildings in Little Havana.

Stay Alfred opened in late August at 761 and 765 Northwest First Street, and took an additional two townhouses at 769 and 771 Northwest First Street.

Earlier this year, the Miami City Commission accepted the data of an affordable housing master plan created by Florida International University. City commissioners want to analyze the report’s suggestions on how to leverage $85 million in bond money for affordable housing to up to $6 billion, in order to build 32,000 affordable units over the next 10 years.


Related Articles

arrow_forward_ios
1800 Southwest First Street and Carlos Fausto Miranda

Care Resource buys Little Havana office building

Care Resource buys Little Havana office building
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley

Baptist, Belmont gain approval for luxury senior living in Coral Gables

Baptist, Belmont gain approval for luxury senior living in Coral Gables
9885 Palomino Drive (Credit: Google Maps)

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
5010 Nob Hill Road (Credit: Google Maps)

Sunrise affordable senior housing facility sells for $30M

Sunrise affordable senior housing facility sells for $30M
Mark Zilbert

Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices

Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
(Credit: iStock)

Home sales dropped big time in South Florida in April

Home sales dropped big time in South Florida in April
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

HTG scores financing for senior affordable housing in Overtown

HTG scores financing for senior affordable housing in Overtown
Renderings of different versions of the project with Matt Rieger

HTG plans 1,000-unit affordable housing complex in Miami’s Overtown

HTG plans 1,000-unit affordable housing complex in Miami’s Overtown
arrow_forward_ios

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

Loading...