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Redwood National Properties, a subsidiary of private equity firm BAS Holdings, has broken ground on its 98-unit workhouse rental community with the support of City of Opa-locka Mayor John H. Taylor Jr. and other City officials. Mosaic’s development marks a milestone, making it the first multifamily community built within the City of Opa-locka in the last 10 years.
David Burstyn and Brian Sidman of Redwood National Properties, Mayor Taylor, Vice Mayor Natasha Ervin and Commissioner Dr. Sherelean Bass celebrated the start of the project by digging into the project site with ceremonial shovels.
The Miami-based developer is building the five-story Mosaic apartments on a 2.1-acre property at 13800 N.W. 22nd Ave. The Mosaic community will feature three- and four-bedroom units with granite countertops, 196 parking spaces and a playground. Ten of the units will be live-work, allowing residents to operate their businesses from there.
Redwood recently completed the Mirage at Sailboat Cove in Opa-locka. The new Mosaic Apartments are slated to be delivered in 2024.
Redwood National Properties says demand for workforce housing will continue to grow as Miami’s apartment rental prices continue to climb. Redwood’s goal is to build 5,000 workforce housing units over the next five to seven years in South Florida and is seeking sites, financing opportunities and interested cities to achieve this goal.
To facilitate more workforce housing, the public sector should be collaborating with developers by addressing outdated zoning, height limits, parking restrictions and more obstacles that might slow or stall a project. Additionally, municipalities and their agencies should be working together to make the individual units less expensive by helping to pay for the cost of development.
About Redwood National Properties:
Redwood National Properties is a wholly owned subsidiary of BAS Holdings Investments, LLC (“BAS”). BAS is an entrepreneurial real estate private equity firm headquartered in Miami, FL. BAS Holdings and its affiliated companies specialize in real estate transactions through the following platform verticals: workforce housing developments, solar finance, solar developments, mining investments, large tract land acquisitions and parking garage investments. Brian A. Sidman is also a Co-founder and Principal of METIS Innovative, a venture capital firm focused on investments in early-stage Neuroscience medical device and technology companies.
