Integra, partner move forward with $58M senior housing project in Allapattah
Developers expect delivery in 18 months
A partnership between a private equity group and a nonprofit broke ground last week on a 271-unit affordable senior housing project in Miami’s Allapattah neighborhood.
Integra Investments and Elderly Housing Development & Operations Corp., or EHDOC, plan to invest $58 million to develop the 13-story building at 1396 Northwest 36th Street, according to a press release. They expect to deliver the project in 18 months.
Miami-based Integra is a private equity and real estate developer, led by Paulo Tavares de Melo. EHDOC is a national nonprofit organization that develops and manages affordable housing for seniors. Based in Fort Lauderdale, it is led by Melanie Ribeiro.
A company tied to Integra bought the land in 2017 for $3.8 million, according to records.
The development, called Mosaico, will sit on 1.2 acres. It was financed with 4 percent low income housing tax credits and a $45.5 million in tax exempt bonds issued by the Housing Finance Authority of Miami-Dade County. The project will have a HUD project-based voucher subsidy administered by Miami-Dade County Public Housing & Community Development, according to the release.
Boston Capital provided the LIHTC equity capital and R4 Capital Funding provided the construction and permanent financing.
The community will include 179 one-bedroom units, 92 studios and four townhomes. Amenities will include a fitness center, library, computer center and rooftop community garden. Mosaico was designed by CC Hodgson Architectural Group, which specializes in elderly housing.
Integra last month secured approval from Monroe County for a 280-unit workforce housing development on Stock Island near Key West. In July, Integra Investments and two partners purchased an 8.2-acre waterfront development site just north of Miami Shores for $15.5 million.
Other multifamily projects slated for Allapattah include a 105-unit building by the Richman Group and three rental projects developed by Lissette Calderon that will have a total of more than 1,000 units.