Related Group’s affordable-housing unit recently opened Residences at SoMi Parc, a 172-unit mixed-income housing development in the City of South Miami.
Related Urban Development Group and Miami-Dade County’s Public Housing and Community Development partnered on the community, which is the first phase of the public-private, mixed-income and transit-oriented SoMi Parc Master Plan. The plan aims to revitalize existing South Miami Gardens public housing with more than 500 units of mixed-income housing.
SoMi Parc will include one- to four-bedroom apartments for residents of varying income levels. Eighty percent of them are set aside for people at or below 80% of the area median income, including 58 units under the Rental Assistance Demonstration (RAD) program. The rest of the 20% of units will be market rate.
Designed by CIVICA Architecture, the property comprises two 30-unit, three-story garden-style buildings and one seven-story mixed-use building with 112 units. Some apartments have open layouts with private balconies and large walk-in closets, and all have in-unit washers and dryers.
The project will have 10,000 square feet of community-oriented commercial space on the ground floor. Tenants will include Somerset Academy’s new and expanded pre-K program and the local non-profit Branches, an urban and social justice anti-poverty agency.
Community amenities include garage-covered parking, a courtyard with outdoor gazebo, clubroom, fitness center, business center, bike-storage room, electric-vehicle parking stations, dog park and public art installation.
Project funding included a 9% low-income housing tax-credit award from the Florida Housing Finance Corporation, and tax-credit equity and construction financing was provided by Huntington Bank with a forward commitment for permanent financing from Freddie Mac through Jones Lang LaSalle. Miami-Dade County provided more than $6 million from a combination of sources, including Surtax, AHTF, CDBG and DIAF.
“The grand opening of Residences at SoMi Parc marks a pivotal moment for the South Miami community,” Related Urban President Albert Milo said in a press release. “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.”
Community amenities include garage-covered parking, a courtyard with outdoor gazebo, clubroom, fitness center, business center, bike-storage room, electric-vehicle parking stations, dog park and public art installation. Courtesy of Related Urban Development Group.