The next up-and-coming arts hub in Miami, the gentrifying Allapattah neighborhood, is going to get something it desperately needs: a $47 million housing development with homes carrying leases local workers and lower-income residents can afford. The urban neighborhood, directly west of Wynwood, already has drawn many real estate developers that built homes at the going rate in Miami — which is double that of three years ago and out of reach for many people.
Centennial Management Corp. plans a seven-story building with 149 apartments called Stadium Towers Apartments. Residences will range from 600-square-foot one bedroom units to three-bedroom apartments covering 1,050 square feet. The mid-rise will sit adjacent to Centennial’s last development in the area called Miami Stadium Apartments. Single renters would qualify if they earn $47,810 per year — 70% of Miami-Dade’s median income of $68,300 — or less. All tenants would pay a discounted rent. Attainable housing is needed in Allapattah, said Mileyka Burgos-Flores, founder and CEO The Allapattah Collaborative CDC, a nonprofit organization focusing on sustainable community development. As a result of the area’s rapid and ongoing transformation, longtime residents are priced out. In a span of a decade, single-family homes that sold in the area for $100,000 now go for $400,000. Commercial buildings that closed for $300,000 can now fetch millions. Simultaneously, rents soared for commercial and residential tenants.
“We have the real workforce of Miami living in Allapattah,” Burgos-Flores said, saying a large number of residents work inervice jobs at Miami International, PortMiami, hospitals, warehouses and in the tourism and hospitality industry. Stadium Towers Apartments will be “more aligned with Miami housing needs,” she said. Construction should start in December, after building and demolition permits are secured. Completion is slated for early 2025.
The project will cost $47 million, including $29.4 million for construction. The county, state and the city — as of Thursday with a $1.8 million contribution — will chip in for a portion of tab for the development .
“It is an excellent location. There is a tremendous need for the community,” said Lewis Swezy, president of Centennial Management. “In Allapattah, rents have escalated 100% in the past three years.” Allapattah has a long history, said Seth Bramson, a Florida historian and lecturer at Barry University who has written 33 books, mostly on South Florida’s history.
Swezy expects high demand for his coming apartment building, since Miami Stadium Apartments has remained nearly fully leased since it was built in 2002.
“There’s a strong demand and there’s a lot of employment in the area,” the developer said. “There’s every reason to want to do it.”
Source: Miami Herald
