The first project in collaboration between Miami-Dade Public Housing and Community Development (PHCD), Miami-Dade Parks, Recreation and Open Spaces (PROS), and Miami-Dade Transportation and Public Works (DTPW) with the private sector created to provide attainable housing solutions to seniors has been given the green light to begin construction.
MV Real Estate Holdings LLC has announced the groundbreaking of the highly anticipated Ludlam Trail Towers took place on Mar. 14. Positioned at Coral Way and SW 69th Avenue intersection, the project is estimated to cost $25 million.
“This project is the culmination of the vision of the elected county officials and administrators seeking to help the most vulnerable in our society, the county Parks Department looking to bring the Ludlam Trail to fruition, the Miami-County Department of Transportation seeking to provide connectivity to the Trail over Coral Way and MV Real Estate Holdings who is contributing private dollars and will ultimately be building and executing on this vision that we believe will be transformative to so many,” said Alex Mantecon, managing partner of MV Real Estate Holdings.
Led by Mantecon and Guillermo D. Vadell, managing MV Real Estate Holdings members, Ludlam Trail Towers is expected to redefine attainable housing solutions in a submarket that has not seen any projects with similar characteristics in over a decade. The funding of this project was a collaboration of private equity dollars and four different funding sources at the county level with financing provided by Centennial Bank which provided the construction loan, Lument which provided a Freddie Mac forward commitment and a Miami-Dade County Surtax gap funding loan. This structure allowed the construction lender to be more aggressive in this challenging environment.
The financing teams were spearheaded by JC de Ona and Yuleisy Montalvo at Centennial and Marc Suarez at Lument.
“It is great to see not only the public private partnership step up but also the capital markets to support the development of affordable housing,” said Marc Suarez, managing director at Lument.
“We are honored to be part of a project that touches upon so many critical needs in our community and to shed light into a parcel of the population that is often forgotten,” said Alex Mantecon, managing partner of MV Real Estate Holdings. “There is no doubt that Ludlam Trail Towers will redefine urban living in Miami-Dade County for the elderly while at the same time creating a one-of-a-kind amenity in the Ludlam Trail linear park to be enjoyed by all.”
The 64 rental units development composed of two buildings with four and five stories will encompass 760-square-foot one-bedroom, one-bathroom units to 1,000-square-foot two-bedroom, two-bathroom residences. The towers on either side of Coral Way will be connected by a pedestrian bridge that spans over Coral Way and will be a part of the Ludlam Trail.
The project will leverage its exclusive location with direct access to the Ludlam Trail linear park and include a multipurpose room available for the public, allowing residents to interact with them while allowing them to participate in fitness activities. The property is located along the Ludlam Trail, a 6.2-mile multiuse public trail running north to south from Miami International Airport to Dadeland. It will connect with the Underline and circle back to Downtown Miami, thus creating 16 miles of uninterrupted trails inside the county’s urban core.
“Our seniors struggling with rising costs across the board deserve access to safe and affordable housing,” said Commissioner Kevin Cabrera. “I’m excited to see the construction of the Ludlam Trail Towers, which help the seniors of our district live out their golden years with dignity. Looking forward to continuing to work with our partners on initiatives to tackle our community’s housing crisis.”
The Ludlam Trail Towers is one of the many scheduled residential projects for the trail as part of the redevelopment of the abandoned railroad right-of-way. Additional projects on the trail include a 312-unit apartment complex on the Bird Road Node also led by MV Real Estate Holdings in partnership with Altman Companies and Mattoni Group, an 84-unit workforce housing complex on SW Eighth Street, and a 950-unit apartment building with retail stores, and a dog park on Eighth Street as well — every project is currently in different phases of development. First Florida is the General Construction company responsible for the project.
With a year needed to build it, the project is expected to reach completion by the summer of 2024. Reservations will be available starting spring of 2024.
ABOUT US:
For more Miami community news, look no further than Miami Community Newspapers. This Miami online group of newspapers covers a variety of topics about the local community and beyond. Miami’s Community Newspapers offers daily news, online resources, podcasts and other multimedia content to keep readers informed. With topics ranging from local news to community events, Miami’s Community Newspapers is the ideal source for staying up to date with the latest news and happenings in the area. Additionally, the newspaper has exclusive Miami community podcasts, providing listeners with an in-depth look into Miami’s culture. Whether you’re looking for local Miami news, or podcasts about the community, Miami’s Community Newspapers has you covered.
