EHDOC Secures $30 Million Construction Loan for Redevelopment of Council Towers Senior Apartment Homes in Miami Beach, FL.
By Brian Bandell – Senior Reporter, South Florida Business Journal Aug 20, 2020, 7:24am EDT
An affordable apartment complex will soon be developed in the Allapattah neighborhood of Miami thanks to a $45.5 million construction loan.
Allapattah Residential, a joint venture between nonprofit Elderly Housing Development Operations Corp. (EHDOC) and Miami-based Integra, obtained the tax-exempt bond through the Housing Finance Authority of Miami-Dade County. It covers the 1.07-acre site at 1362, 1370, 1392, 1396 N.W. 36th St., plus 1373 and 1385 N.W. 35th St.
Mosaico would total 284,805 square feet in 13 stories with 267 apartments. Amenities on the first floor would include a computer room, a community room, an event room, a library, and a fitness room. There would be a laundry room on the second floor. The project would have a community garden as well.
The developer would provide 172 spaces in the parking garage. The parking requirement was reduced because the units will be affordable housing and it’s near the Allapattah Metrorail Station.
Mosaico was designed by C.C. Hodgson Architectural.
There’s recently been a move of development in Allapattah, with both affordable and market-rate apartments. The neighborhood is between the major employment centers of downtown Miami and the Health District.
Article originally appeared in bizjournals.com.
