Developers Focus on Affordability Crisis in Miami Gardens and Allapattah

As rents continue to rise in South Florida, a Miami-based development and construction company aims to counter that by attracting those who’ve been priced out of metro areas.

Cymbal DLT closed on a $102.5 million loan from Related Fund Management to build a multifamily housing project in Miami Gardens.

The site at 20775 NW 17th Ave. was sold by Link Logistics, an affiliate of Blackstone and South Florida developer David Metalonis.

“We are grateful to Related for their massive investment in our vision of bringing world-class architecture to Miami Gardens and impacting this community in a positive way with an emphasis on design, original art, technology, landscaping, wellness and sustainability,” said Asi Cymbal, chairman of Cymbal DLT in a press release. 

Brian Sedrish, Sam Friedland and Sam Zuckert from Related helped close the deal with Asi Cymbal, Hector Torres and David Udine from Cymbal DLT. Avery Klann of Newmark and Jose Fernandez of Marcus & Millichap were the brokers on the land sale and Christian Uriarte of Torus Capital Group brokered the construction loan.

The housing project does not yet have a name, but the company aims to launch a public contest so South Floridians can submit their name ideas.

The project in Miami Gardens will feature many of the same amenities as some of Cymbal DLT’s luxury residential towers. Rents are expected to be under $2,500 a month.

The 341-unit Class A complex will feature a lake surrounded by 11 buildings, with walkways connecting the buildings, plus a community clubhouse with a fitness center, game room, lap pool, playground, metaverse room, Zoom co-working lounge, meditation and butterfly gardens, and barbecue areas. 

Adam Lustig and Ali Lehson of Bilzin Sumberg represented Cymbal DLT on the construction loan, and John Hotte of Krinzman Huss Lubetsky Feldman & Hotte represented Cymbal DLT on the land purchase. Howard Schreiber of Hunton Andrews Kurth was legal counsel for Related, while Richard Abramson from Cole Schotz represented Blackstone.

New Allapattah Development

Also in South Florida, an affordable housing project for residents over the age of 62 has been completed in Allapattah. 

Mosaico in Allapattah, the 271- unit development that will serve the area’s elderly population. Courtesy photo Mosaico in Allapattah, the 271- unit development that will serve the area’s elderly population.

In a joint venture between non-profit Elderly Housing Development & Operations Corp. and Integra Investments, a Miami-based real estate investment and development company, the 271-unit development called Mosaico seeks to provide subsidized housing amid Miami-Dade’s housing crisis. 

The 13-story new construction building at  1396 NW 36th St. features 179 one-bedroom and 92 studio units, plus townhome units on the southern perimeter of the property. The developers granted first-right opportunities to residents of 11809 Brickell, a 56-year-old property on Brickell Avenue which will be demolished.

Integra Investments principal Paulo Melo, said the development serves as an example of stakeholders coming together to deliver a solution to the housing crisis. 

“We take great pride in thanking EHDOC, Miami-Dade County, city of Miami leaders, and HUD for sharing in the vision of introducing a top-quality housing development for seniors in our community, and are especially grateful for the thoughtful spirit and tireless work of the parties,” said Melo.

Mosaico is two blocks from the Allapattah Metrorail Station and adjacent to a Metrobus stop. It’s also only a few minutes from Miami’s Health District, the downtown core, Midtown Miami, the Design District and Miami Beach. Nearby conveniences, grocery stores, a medical center, pharmacy, library and parks are all within walking distance to the property.

“Mosaico marks our continued commitment to providing premium living opportunities for those in need, with access to transit and everyday conveniences,” said Jake Morrow, who leased Integra Investments’ Interurban, in a press release. 

The $58 million development was financed with 4% Low Incoming Housing Tax Credits, which are issued by the Florida Housing Finance Corp., syndicated by Boston Finance, and a $45.5 million tax-exempt bond issued by the Housing Finance Authority of Miami-Dade County. 

Melanie Ribeiro, president and CEO of EHDOC, said the completion of development marks another successful endeavor to address affordable and workforce housing shortages in South Florida Markets. 

“We are proud to present a new living community in this neighborhood, where residents can socialize and enjoy sweeping views and top-quality residences,” said Ribeiro.

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