Coinco Investment Plans 192-Unit Project in Naranja

A developer proposes a 192-unit apartment project with workforce rentals in Naranja.

Entities tied to Coinco Investment filed an application to develop three four-story buildings on the southeast corner of U.S. 1 and Southwest 232nd Street in unincorporated Miami-Dade County, according to a filing submitted early this month.

12499 Holdings and 232 Holdings, which tie to Miami-based Coinco Investment, own the three-lot, 4.6-acre site, records show. They paid $739,000 for the properties in two deals in 2015 and 2016, according to records.

The planned project, called Summer Breeze, will consist of studios, as well as one- to three-bedroom apartments. Out of 192 units, at least 76 will be designated for households earning no more than 120 percent of the area median income.

Miami-Dade’s annual AMI is $87,200, according to the Florida Housing Finance Corporation. This means a one-person household can earn up to $104,160, a two-person household can earn up to $118,920 and a three-person household can earn up to $133,800 to qualify for a unit at Summer Breeze.

Coinco wants to rezone the site from “minimum apartment house district” to “high density apartment house district.” The firm also is seeking a pre-application meeting, which is generally requested so that Miami-Dade staff can weigh in on a project before the developer files an official application.

South Miami-Dade has attracted developers largely due to its ample supply of buildable land that comes at a discount compared with sites in Miami’s urban core.

Homebuilding giant D.R. Horton wants to develop 190 townhomes and 57 single-family homes on the southwest corner of Southwest 344th Street and 193rd Avenue.

In March, Canero Group scored approval for a 54-unit townhouse project for the 2.7-acre site at 27800 Old Dixie Highway in Homestead. Also, Aconcagua plans an eight-story, 162-unit apartment building on the northwest corner of Southwest 248th Street and Southwest 128th Avenue in Princeton.