Related Group breaks ground on 12-story apartment building

By Brian Bandell for South Florida Business Journal

The Related Group’s Related Urban affordable housing affiliate broke ground on the Gallery at Marti Park apartments in Miami.

With 176 units in 12 stories, the project will rise at 450 S.W. Fifth St. and 445 S.W. Sixth St. The Miami-based developer controls the 1.03-acre site through a 75-year ground lease with Miami-Dade County.

It’s located just west of Jose Marti Park in Little Havana.

About half of the apartments in the Gallery at Marti Park will be affordable, either for low-income seniors or for people earning between 80% and 120% of area median income. The other half of the apartments will be market rate.

The median household income in Miami-Dade County is $74,700, according to HUD.

“Gallery at Marti Park continues our dedication to providing quality housing solutions for a diverse range of residents, from low-income seniors to those seeking market-rate residences,” stated Albert Milo, president of Related Urban Development Group. “This property is more than just a building; it symbolizes a collaborative effort to create spaces that enhance the quality of life for all.”

The Gallery at Marti Park will include a senior center on the ground floor to serve the neighborhood. Amenities will include private bike storage, a package room, and a fourth-floor recreation deck with grilling stations, a fitness center, a clubhouse and a coworking center.

The Related Group expects to complete the project in the fourth quarter of 2025. The developer is self-performing as general contractor. Modis Architects designed the project.

The Gallery at Marti Park was financed by a $48 million tax-exempt bond through the Housing Finance Authority of Miami-Dade County, $16.15 million in low-income housing tax credit equity from Truist Bank a $6.65 million mortgage from JPMorgan Chase Bank, and a $4 million junior mortgage from Miami-Dade County based on surtax funds. In addition, Grandbridge arranged for a $44 million forward purchase commitment from Freddie Mac post-construction.

“Easing the burden of housing costs for our residents is one of the priorities for my administration as we develop and redevelop properties to increase the supply of affordable housing in our community,” stated Miami-Dade County Mayor Daniella Levine Cava. “Gallery at Marti Park is a great example of how we’re partnering with developers to bring real solutions and more housing units that are affordable to our workforce and low-income seniors.”

External Source: Related Group breaks ground on Gallery at Marti Park apartments in Miami – South Florida Business Journal (bizjournals.com)