The high-quality, 119-unit development in the Brownsville neighborhood receives TCO for its dual towers, aiding the dire need for new affordable housing product
MIAMI (Dec. 13, 2021) – Integra Investments, the Miami-based real estate investment and development company — through its affordable housing development affiliate, Interurban, LLC — in a joint venture with Elderly Housing Development & Operations Corporation (EHDOC), a national non-profit organization dedicated to developing and managing senior affordable housing located in 14 states, as well as Washington D.C. and Puerto Rico, announced today the completion of the partnership’s first senior affordable housing project, Steve Protulis Towers. Located in the Brownsville neighborhood of Miami, the 119-unit, two-tower development has received its Temporary Certificate of Occupancies (TCOs).
Integra Investments and EHDOC hosted an official grand opening event and ribbon cutting ceremony at the development’s West Tower, located at 5500 NW 27th Avenue, on December 6th. The sister tower is located at 2495 NW 54th Street. Joining in the celebration were more than 90 guests, including supporters, neighbors, civic leaders, officials including Miami-Dade County Commissioner Keon Hardemon, Florida State Representative Dr. James Bush III, and Miami-Dade Chief Community Services officer Morris Copeland. Guests were afforded the opportunity to tour both buildings via a private trolley.
To aid the market’s shortage of affordable housing for the area’s elderly population, the 1.37-acre development encompasses two residential buildings featuring one-and two-bedroom units. Designed by CC Hodgson Architectural Group, which specializes in premium elderly housing, both Protulis Towers buildings feature modern finishes, energy efficient lighting, and HVAC systems, as well as numerous on-site amenities such as on-site management offices, large community rooms, fitness centers, and libraries.
“We are honored to partner with EHDOC to deliver a development that will provide new high-quality living for many in the Brownsville neighborhood, which would not have been possible without the significant commitment of Miami-Dade County, alongside tax credit financing from Florida Housing Finance Corporation” said Jake Morrow, who leads Integra Investments’ Interurban. “Understanding that housing is the highest cost for South Florida’s rent-burdened residents, we continue our commitment to provide premium housing opportunities for households with the greatest need, and in a strategic manner that identifies prime housing locations providing convenient access to daily necessities.”
With connectivity as a cornerstone, both Steve Protulis Towers’ buildings are situated under a quarter mile from Brownsville Metrorail Station and are in immediate proximity to Metrobus routes, approximately 10 minutes from Miami’s urban core.
“The official grand opening was a joyous event.” said Melanie Ribeiro, President and CEO of EHDOC. “EHDOC and Integra worked hand in hand to bring this project to life. The buildings are beautiful and we are proud to be a part of the Brownsville Community”
The $35 Million development was financed with Low Income Housing Tax Credits (“LIHTC”) issued by Florida Housing Finance Corporation and supplemental Surtax financing from Miami-Dade Public Housing & Community Development. Boston Financial Investment Management and TD Bank provided the LIHTC equity capital, TD Bank provided construction financing, and Walker & Dunlop is providing the development’s permanent financing.
Integra Investments’ delivery of Steve Protulis Towers aligns with its long-term commitment to address affordable and workforce housing shortages in South Florida markets. Through Interurban, the company is undertaking initiatives to support local residents in need of high-quality housing at attainable rents and offers a long-term commitment to struggling communities. As a prominent player in commercial and residential real estate throughout Florida, Integra Investments is behind notable ventures, including the innovative Aventura ParkSquare mixed-use development in Aventura, Florida; Hallandale Beach’s apartment community ArtSquare; and Bella Vista Apartments in Lauderhill Lakes.
About Integra Investments
Integra Investments is a Miami-based private equity and full-service real estate development company that caters to institutional investors and high-net-worth individuals. As part of its services, the company conducts acquisitions, development, construction management and asset management for real estate ventures in Florida. Their focus is on the residential, land, office, and mixed-use asset classes, targeting high, value-add opportunities in niche markets. Integra Investment’s ability to execute is one of its major strengths. For more information, visit www.integrafl.com.
Elderly Housing Development & Operations Corporation develops and manages safe, secure and affordable housing for senior citizens across the United States. The company, established in 1996, maintains communities in 14 states, Washington, D.C. and Puerto Rico comprising almost 4,500 apartments which house nearly 4,800 residents. EHDOC advocates for the highest quality of life for the seniors of today and tomorrow. EHDOC complies with the Federal Fair Housing Act through Equal Housing Opportunity. For more information, visit www.ehdoc.org.