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(Photo Credit: Related Group).
Related Urban Development Group (Related Urban), the affordable and workforce housing arm of Related Group, together with Miami-Dade County’s Public Housing and Community Development (PHCD), recently celebrated the grand opening of Residences at SoMi Parc, a 172-unit mixed-income housing community in the City of South Miami.
The development marks the first phase of the public-private, mixed-income and transit-oriented SoMi Parc Master Plan, which will revitalize the existing South Miami Gardens public housing through the delivery of more than 500 units of mixed-income housing.
“The grand opening of Residences at SoMi Parc marks a pivotal moment for the South Miami community,” said Albert Milo, president of Related Urban. “This project underscores Related’s commitment to community-driven development and inclusive housing solutions.
Partnering once again with Miami-Dade County’s Public Housing and Community Development was essential in bringing this vision to life. We are excited to witness the positive impact SoMi Parc will have on South Miami and surrounding residents.”
The new mixed-income, mixed-use development will include one-, two-, three- and four-bedroom apartment homes for residents of varying income levels. Eighty percent of the units are reserved for households at or below 80 percent of the Area Median Income, including 58 units under the Rental Assistance Demonstration (RAD) program. The remaining 20 percent of units are unrestricted at market rents.
Residences at SoMi Parc marks Related Urban’s 27th project completed in partnership with PHCD. Following a competitive solicitation process in July 2020, Related Urban was selected to redevelop the South Miami Gardens public housing community and provide replacement housing for all existing South Miami Gardens residents, alongside new affordable, workforce, and market-rate units.
“Securing funding for Residences at SoMi Parc is a testament to our commitment to developing diverse residential spaces that cater to the needs of our community,” said Miami-Dade County Mayor Daniella Levine Cava. “Thanks to a strategic partnership with the Florida Housing Finance Corporation, we secured a competitive 9 percent low-income housing tax credit award, paving the way for affordable living spaces and underscoring our shared dedication to enriching the lives of Miami-Dade residents now and for future generations.”
Residences at SoMi Parc will deliver 10,000 square feet of community-oriented commercial space on the property’s ground floor. Among the tenants will be Somerset Academy’s new and expanded Pre-K serving the broader South Miami community. In addition, the local non-profit Branches, an urban and social justice agency dedicated to breaking the cycle of generational poverty, will move into the first-floor space, offering convenient access to SoMi Parc residents and those in the surrounding neighborhood.
From its inception, the project has been rooted in broad-based community engagement initiatives, including the hiring of more than 30 workers from the local community for the construction and operation of the project, made possible by partnerships with the South Miami Community Advisory Committee.
“Through strategic redevelopment initiatives, PHCD continues transforming public housing communities, significantly enhancing livability and accessibility,” said Alex Ballina, Miami-Dade County’s Public Housing and Community Development director. “Beginning with the expansion from 58 affordable units to 172 affordable housing units in phase one, our commitment extends further with phase two, revitalizing underutilized spaces to create over 400 additional units. This comprehensive approach not only addresses housing needs but also fosters vibrant, inclusive neighborhoods for generations to come.”
Funding for Residences at SoMi Parc included a competitive 9 pecent low-income housing tax credit award from the Florida Housing Finance Corporation. Tax credit equity and construction financing was provided by Huntington Bank with a forward commitment for permanent financing from Freddie Mac via Jones Lang LaSalle. Instrumental in closing the financing gap was more than $6 million provided by Miami-Dade County from a combination of sources including Surtax, AHTF, CDBG and DIAF.
“This project represents a crucial initiative for the South Miami community,” said Miami-Dade County Commissioner Raquel Regalado. “Through a strategic public-private partnership involving Miami-Dade County, the City of South Miami, and Related Urban, we have meticulously crafted a comprehensive plan aimed at enhancing the community and delivering inclusive, transit-oriented housing solutions.”
Located in the heart of South Miami at 5961 SW 68 St., SoMi Parc is two blocks from the South Miami Metrorail Station, allowing for quick access to the Dadeland, Coral Gables, Coconut Grove and Downtown Miami. The property also is adjacent to Marshal Williamson Park and Murray Park and is in close proximity to major anchor institutions including the University of Miami and Baptist Health South Miami Hospital.
Residences at SoMi Parc’s thoughtfully curated amenities package includes convenient garage-covered parking, an expansive courtyard featuring nearly one acre of green space anchored by an outdoor gazebo and connected to an indoor clubroom, a state-of-the-art fitness center, a fully wired business center with conference room and individual workspaces, a dedicated bike storage room, electric vehicle parking stations, a dog park, world-class public art installation and museum-quality artwork.
Designed by CIVICA Architecture, the property boasts two 30-unit, three-story garden-style buildings, and one seven-story mixed-use building with 112 units. Select residences feature open, airy layouts with private balconies and spacious walk-in closets, while all units offer in-unit washers and dryers, and top-tier appliances.
Within South Miami, which is rapidly becoming one of Miami-Dade’s most desirable cities, there remains an insatiable demand for quality housing at all price points. Residences at SoMi Parc is Related Urban’s second development in the City of South Miami and its first new construction development with several hundred units in the development pipeline to help mitigate the housing shortage for families in the community.
“SoMi Parc represents the best of public-private partnerships,” said City of South Miami Mayor Javier Fernandez. “It has improved and elevated the community without displacement affording long-standing residents the opportunity to be part of the area’s renewed future.”
For more information, please visit Relatedgroup.com.
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