A 134-unit housing complex designed primarily for low-income elderly residents is planned on a 1.72-acre site at the northeast corner of SW 104th Street and 127th Avenue.
A waiver to replace a former funding commitment was filed June 8 with the Florida Housing Finance Corporation by Marcia Gardens LLC for approval of up to $10,085,811 of Section 8 project based voucher funds to develop 70 one bedroom units in a single building.
The structure also is planned for 64 units that include 55 “Home” units, approved by a prior commitment of $15.5 million permanent financing by the Florida Housing Board on Apr. 20.
The underwriting report for Marcia Gardens included a positive recommendation for the Freddie Mae tax exempt (TEL) program.
“The construction cost savings and reduced management expenses associated with a single 134-unit community are substantial, compared to building two separate communities of 70 and 64 units, respectively,” the request noted.
Formerly a popular nursery and plant retail outlet, the property is now listed under the ownership of Vanguardian Village LLP of Coral Gables, zoned for RU-4 high density residential development that allows up to 50 units per acre of multi-family housing. Total development cost is estimated at $26.2 million.
Financing for the first phase of the project has been approved by the Miami-Dade County Commission through the Public Housing and Community Development Agency.
No specific dates were given for construction pending final action by the state housing agency to approve the revised financing plan for a single project development.