Krea USA wants to build an affordable homeownership condominium in Miami’s Overtown neighborhood.
Miami-based Krea USA’s proposal to build The Walker, a 55-unit project on a five-parcel assemblage at 714-734 Northwest Fourth Avenue and 402 Northwest Eighth Street, is headed for approval by the Miami City Commission this week, the South Florida Business Journal reported.
The land is owned by the Southeast Overtown/Park West Community Redevelopment Agency, chaired by Miami City Commission Chairwoman Christine King. The CRA paid $3.5 million for the assemblage last year, records show.
Krea USA, led by Mauricio Girault, was the sole developer to bid in a request for proposals by the CRA in October, according to a city memo. The project has an estimated construction cost of $21.4 million.
Cities and counties create CRAs to address blight in low-income neighborhoods.
The Walker would entail 45 two-bedroom and 10 three-bedroom condo units, 70 parking spaces and a fitness center. Qualifying households must earn between 80 percent and 120 percent of the area median income, which is $87,200 annually in Miami-Dade County. Including mortgage, HOA fees and insurance, buyers would pay between $2,000 to $3,000 a month, the city memo states.
Other Overtown CRA projects under development include The Quadplex, a planned three-story building with four affordable homeownership units at 244 Northwest 16th Street, according to the agency’s website. The Overtown CRA also provided $23.9 million in Tax Increment Financing to the master developers of the $6 billion Miami Worldcenter mixed-use district. The funds were used to help build roads, utilities, and public spaces. Krea USA is also planning affordable housing multifamily projects in Miami’s Liberty City, Delray Beach and Fort Lauderdale, according to the firm’s website. The developments represent $400-plus million in new construction, the website states.