Miami-Dade County Sells Apartment Site for $10
Cipres paid Miami-Dade County $10 for a lot, enabling them to build an 8-story affordable housing project in the Wynwood neighborhood. With land costs so high in Wynwood, an affordable housing project in the neighborhood wouldn’t pencil out, hence the nominal price.
The S. Florida Business Journal reports the lot spans roughly 0.16 acres and has a market value of $3.45 million.
The developer plans to construct an eight-story building, called The Boxer, with 14 income-restricted three-bedroom units and 4,100 square feet of ground-floor retail. The units will be restricted at 80% to 120% of the area median income.
It’s anticipated that construction will begin within 24 months of conveyance.
As part of the deal, the developer also agreed to make an $800,000 donation to an unspecified education non-profit to create an endowed scholarship for students in Wynwood. The project is adjacent to a pair of market-rate projects developed by Cipres.
Other News
Embrey, Southstar Close on $71M Construction Loan for Nashville-Area Apartment Project
PCCP provided a $71 million senior construction loan to a joint venture between EMBREY Partners and Southstar Development for the development of Crossings Boulevard, a 360-unit apartment community located at 4101 Legacy Point Trail in Spring Hill, TN. Completion of the project is anticipated for Q1 2028. Spring Hill is about a half hour from...
Learn more
Investor Duo Acquires Two Tennessee LIHTC Apartment Assets
Western Wealth Capital (WWC) acquired two Tennessee apartment communities; the River City North Apartment Homes in Chattanooga, Tennessee, and Meadow Creek Apartment Homes in Goodlettsville, Tennessee, just north of Nashville. WWC and its investment partner, FSO Capital Partners (FSO), closed on the 192-unit portfolio for a purchase price of $20.7 million. The transaction was brokered...
Learn more
Construction Underway on 325-Unit Apopka Rental Community
An affiliate of Hathaway Development has started work on The Exchange at Wyle Oaks, a 325-unit apartment community is Apopka, near Orlando. The project is one of the first at the 215-acre Wyld Oak mixed-use project. Financing for the approximately $71 million development includes a $47 million construction loan from Ameris Bank and $22 million...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout