Miami could award $4M in financing to Related Group affordable housing project

By Brian Bandell for South Florida Business Journal

Related Urban Development Group, the affordable housing arm of the Related Group, is seeking $3.9 million for a development in Miami.

The City Commission will consider the award from the Miami Forever Bond program to 5215 Flagler Street LLC, part of Miami-based Related Urban, on Sept. 26. The project would be located on the 25,000-square-foot vacant site at 5215 W. Flagler St., where the city signed a land lease with the developer in 2023.

According to the funding agreement, the six-story Flagler Villas would feature 60 affordable apartments for seniors making up to 30% of area median income. They would all be one-bedroom units.

The median household income in Miami-Dade County is $79,400, according to the U.S. Department of Housing and Urban Development.

“The ground floor of the building will include a property management office and resident amenities,” the developer stated. “Construction is slated to commence in the first quarter of 2025, and will take approximately 18 months to complete.”

Related Urban has built more than 1,200 affordable housing units throughout Florida.

According to the application, the developer is also seeking $1.7 million from HUD’s Home Investment Partnerships Program.

Approved in 2017, the Miami Forever Bond included $100 million in funding for affordable housing.

External Source: Related Group seeks funding for Flagler Village affordable housing in Miami – South Florida Business Journal (bizjournals.com)