search

The Real Deal Logo

Trending

“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab law“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab lawHow low? LNR buys San Francisco office building for 11% of 2018 priceHow low? LNR buys San Francisco office building for 11% of 2018 priceHousing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsDevelopers have a new tax break. Now they must figure it outDevelopers have a new tax break. Now they must figure it out
Commercial
South Florida

Coral Rock plans workforce, affordable housing in North Miami

Building set to rise on Greater North Miami Chamber of Commerce site, will include space for chamber

A rendering of the Kayla at Library Place apartment building planned for North Miami with Coral Rock Development Group’s principals David Brown, Michael Wohl, Victor Brown and Stephen Blumenthal (Coral Rock Development Group)
A rendering of the Kayla at Library Place apartment building planned for North Miami with Coral Rock Development Group’s principals David Brown, Michael Wohl, Victor Brown and Stephen Blumenthal (Coral Rock Development Group)

Coral Rock Development Group plans a 138-unit workforce and affordable housing project in North Miami.

The 10-story Kayla at Library Place will rise on the city-owned site of the Greater North Miami Chamber of Commerce at 13100 West Dixie Highway, according to the developer’s news release. Coral Rock has a 70-year lease for the 1-acre property.

The chamber will relocate to an 8,000-square-foot space at Kayla, expanding from its current 1,200-square-foot building.

The project will offer one-bedroom apartments and two-bedroom apartments, ranging from 660 square feet to 930 square feet, the release says. The unit breakdown will be 55 affordable housing apartments for households earning 60 percent of the area median income, and 83 workforce housing apartments for those earning 100 percent of the AMI. Miami-Dade County’s AMI is $68,300.

Construction is expected to start in the second quarter of next year, with completion slated for the end of 2024, according to a Coral Rock spokesperson.

Sign Up for the undefined Newsletter

The Coral Gables-based developer this year completed the mixed-use Pura Vida Hialeah with 260 apartments and over 50,000 square feet of commercial space.
Coral Rock is led by principals Michael Wohl, Stephen Blumenthal, David Brown and Victor Brown.

This is the latest South Florida project that aims to offer a reprieve to the region’s apartment affordability crisis. Although the unprecedented rent growth experienced over the past two years has slowed, the region is still leading the nation in rate hikes.

The area’s median rent rose 26 percent in June, year-over-year, reaching a monthly rate of $2,840, according to Realtor.com.

Read more

In other planned projects with below-market apartments, Related Group wants to develop a 12-story, 167-unit mixed-income building at 450 Southwest Fifth Street and 445 Southwest Sixth Street in Miami’s Little Havana.

In Dania Beach, City Place Apartments, managed by Francisco Rojo and Robert Saland, scored city approval in March for a 110-unit project almost entirely aimed for low-income residents near Dania Beach City Hall.

Tags
Affordable HousingNorth MiamiWorkforce Housing