Developer Horizon at NoMi LLC has secured a $48 million construction loan for the Residences at NoMi, an affordable housing development for seniors in North Miami.
Our sources indicate that the three-building complex will require 375,000 square feet of new construction. The tallest building will measure seven stories above grade.
There will be 175 units at Residences at NoMi, along with 8,975 square feet of retail and 11,350 square feet of office space. The South Florida Business Journal indicates that residency is reserved for individuals 55-plus making 80 to 120 percent of the area median income.
At the time of publication, the median household income in the region was $74,700. Residences at NoMi will occupy a 1.95-acre parcel that currently serves as a parking lot. The goal is to offer affordable housing options to seniors living in downtown Miami. Residences at NoMi isn’t the only project that its developer has in the pipeline right now.
Just recently, Horizon Group (the parent company of Horizon NoMi LLC) proposed Casa Verde in Bay Harbor Islands. The luxury housing complex would measure seven stories and offer 43 condos. Residences at NoMi is planned for 950 N.E. 124th Street, North Miami, 33161, in Miami-Dade County.