A planned development made possible by a ground lease with the county could add over a thousands mixed income units to the housing market in Miami.
"Coconut Grove-based affordable housing development firm Housing Trust Group is moving forward with plans to build more than 1,000 mixed-income units in Overtown [in Miami]," reports Rebecca San Juan. The development will replace 136 existing public housing apartments. The deal is made possible by a 11-month ground lease of the 10.4-acre site approved by Miami-Dade County in April.
Three development scenarios are still under consideration—varying the total number of residential units from 1,014 units to 1,316 units and up to 70,000 square feet of retail, office, and community uses—depending on community and county feedback.
As noted by San Juan in the article, the city of Miami was facing a housing affordability crisis before the coronavirus pandemic caused millions of Americans to lose their jobs, so the project is expected to provide new affordable housing options at a particularly challenging economic moment for the city.
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