|
Getting your Trinity Audio player ready...
|
Servitas is delighted to announce the completion of the Anamar at Collins Park, a first-of-its-kind workforce housing development near 23rd Street and Collins Avenue in the City of Miami Beach. The complex was inaugurated on May 22nd.
The Anamar at Collins Park is a seven-story, 80-unit building that includes five floors of apartment units for residents earning 120% of Area Median Income (AMI) and one entire floor of residence hall units for dancers and students of the world renowned Miami City Ballet.
Unlike traditional development models where private developers control public land for decades while keeping all or most of the rents, the Anamar will be owned and operated by a 501(c)(3) organization that will set the rental rates and pass along all surplus revenue to the City of Miami Beach. Once the debt is paid off, the City will be the owner of the building.
The project is expected to generate over $100 million in revenue for the City of Miami Beach over the next 50 years. The City will use revenue in the early years to reimburse its capital contribution to the project and thereafter will use the revenue to subsidize the Miami City Ballet’s rent.
To the best of our knowledge, the Anamar is the nation’s first privately-financed workforce housing project constructed on public land in which a municipal government retains all the benefit from the project – the land, the building, and the cash flow.
As one of the country’s most trusted workforce and student housing development firms, we are very aware that cities in all 50 states are working to identify innovative workforce housing solutions that activate public land, maximize public benefit, and address affordability without long-term developer control, just like Miami Beach’s partnership with us.
The Miami Beach-Servitas model can be part of the solution to the housing crisis, especially in cities where the cost of construction is high and the supply of new apartment rental units is low. Critically, the Anamar project is one of just two large apartment rental projects built in South Beach since 2010 and the only new multifamily project offering attainable rents. The rental rates at the Anamar are comparable to rents in nearby buildings that are 50 to 90 years old, not newly constructed ones, making Anamar much more attainable for the City’s workforce and younger residents. In addition, Servitas is exploring additional move-in specials for potential tenants.
Without question, Miami Beach is emerging as a leader leveraging strategic public-private partnerships that can successfully deliver housing solutions that the private market has failed to provide. Servitas is proud to have served as a trusted partner for this project and looks forward to delivering future projects through innovative partnerships such as its model with the City of Miami Beach.
