North Miami CRA approves financing for new workforce housing development
Developer plans to break ground on 384-unit development in late 2021
The North Miami Community Redevelopment Agency approved financing for a new workforce housing development in the city.
ELEVEN55 NoMi, developed by Omega Investors Group, won approval for $8 million in infrastructure grants and 50 percent of city tax increment financing, not exceeding $7 million, during a meeting on Tuesday, according to a press release.
The $86 million affordable housing project is on 4.1 acres of land at 1155 Northeast 126th Street in North Miami.
Plans for ELEVEN55 NoMi include 384 apartments, consisting of studios, one, two and three-bedroom units. Amenities will include a pool, yoga rooms, a café, a pet spa, gym, lounge and quiet rooms, according to the release. ELEVEN55 is expected to break ground in late 2021.
The North Miami area has been a hot spot for developers building housing projects. In October, Global One Investment Group submitted plans for a 66-unit housing project close to North Miami, and North MB Owner secured $71.3 million in refinancing for a 356-unit apartment building in North Miami Beach.
Last year, a joint venture between Miami Heat veteran Udonis Haslem’s Haslem Housing and Miami-based Magellan Housing planned to develop a 134-unit affordable housing rental apartment project in North Miami for low-income residents.