Miami-based real estate investment and development company Integra Investments — through its affordable housing development affiliate, Interurban LLC — recently announced the groundbreaking of Mosaico, a 271-unit elderly affordable development in Miami’s Allapattah neighborhood.
Interurban is developing Mosaico in partnership with Elderly Housing Development & Operations Corporation (EHDOC), a national non-profit organization dedicated to developing and managing safe, secure and affordable housing for seniors.
Slated for delivery in 18 months, Mosaico is situated on a 1.2-acre site at 1396 NW 36 St. in Miami.The 13-story project will include 179 one-bedroom units and 92 oversized studio units, with four townhome units lining the southern perimeter. Mosaico was designed by CC Hodgson Architectural Group, which specializes in premium elderly housing.
Mosaico will provide much-needed subsidized housing for qualifying seniors.
The development was financed with 4 percent Low Income Housing Tax Credits (LIHTC) and a $45.5 million tax exempt bond issuance from the Housing Finance Authority (HFA) of Miami-Dade County. Additionally, the project will have HUD project-based voucher subsidy administered by Miami-Dade County Public Housing & Community Development (PHCD). Boston Capital provided the LIHTC equity capital and R4 Capital Funding provided the construction and permanent financing.
“The closing of financing and groundbreaking of Mosaico represent the culmination of significant efforts between the Integra and EHDOC development teams and our financial partners, the Miami-Dade HFA, Miami-Dade County PHCD, and the City of Miami Planning and Zoning Departments to introduce a top-quality community for senior living,” said Jake Morrow, who leads Integra Investments’ Interurban. “We look forward to presenting the project to the market.”
Tenants will be provided with new, thoughtfully designed units and numerous on-site amenities, such as a large community space for recreation and organized services, a fitness center, computer center, library, laundry facilities, on-site management offices, and a rooftop community garden. The project also will include a parking garage in the building’s core.
Located two blocks from the Allapattah Metrorail Station with a MetroBus stop immediately adjacent to the property, Mosaico will provide swift connectivity to Miami’s Health District, the Downtown core, Midtown Miami, Design District, and Miami Beach. The project also is within walking distance to several neighborhood conveniences, including grocery stores, a medical center, pharmacy, library, and a park with tennis courts and a large exercise track.
Integra Investments’ development of Mosaico aligns with its long-term commitment to address affordable and workforce housing shortages in South Florida markets. Through Interurban, the company is undertaking initiatives to support local residents in need of high-quality housing at attainable rents and offers a long-term commitment to struggling communities.
“Steve Protulis, former president and CEO of EHDOC, and Paulo Melo, principal of Integra, developed this unique partnership,” said Melanie Ribeiro, president and CEO of EHDOC. “We are excited to be a part of the development of Mosaico and look forward to a long-lasting relationship between EHDOC and Integra.”