Miami Heat’s Udonis Haslem retired this week, but his career as a developer is just getting started after he broke ground on a project for affordable housing in Wynwood.
Wynwood Works, which received a large amount of public investment, was started by Haslem and Magellan Housing.
The 20,238-square-foot lot at 2035, 2037, and 2043 N. Miami Ave. was deeded free of charge to Wynwood Works MTZ LLC, headed by Larry D. Capp of charity Mt. Zion Developments. Then, the nonprofit sold the lots to Wynwood Works LLC, a joint venture between Magellan Housing and Haslem, for $6 million.
The developer agreed to preserve affordable housing on the property for 50 years in exchange for a grant from the CRA worth $9.9 million and a portion of the retail rents. There will be 48 studio apartments, 66 one-bedroom units and eight two-bedroom units with rents ranging from $512 to $1,756 per month.
Source: SFBJ