Related Group seeks $5 million in incentives for Miami development

By Brian Bandell for South Florida Business Journal

Related Urban Development Group, the affordable housing arm of the Related Group, is seeking $5 million from the city of Miami for an affordable senior housing development.

The City Commission will consider awarding the funds through the Miami Forever Bond program to 5350 Flagler Street LLC, part of Miami-based Related Urban, on Feb. 27. It would partially fund development of the 28,920-square-foot site at 5350 W. Flagler Street in the Flagami neighborhood.

The city purchased the property for $5 million in 2024. It currently has a 7,393-square-foot commercial building that was developed in 1962.

According to the Miami Forever Bond application, Related Urban intends to lease this property from the city for 99 years, but it didn’t disclose the terms of the lease.

Related Urban would redevelop the site with Flagler Village Phase 2, featuring 98 apartments for seniors making 30% of area median income. It would have 90 one-bedroom units and eight two-bedroom units.

The median household income in Miami-Dade County is $79,400, according to HUD.

Officials with Related Urban couldn’t be reached for comment. It’s one of the largest affordable housing developers in South Florida, and many of its projects are on leases on municipal land.

As for the first phase of Flagler Villas, Related Urban broke ground on those 60 apartments for low-income seniors in January. That site is only a block away from the second phase. The city approved $3.9 million from the Miami Forever Bond program for the first phase.

External Source: Related Group seeks incentives for Flagler Villas affordable housing phase 2 – South Florida Business Journal