The Public Health Trust of Miami is moving forward with a four-phase, mixed-use venture connected to the city’s largest hospital. The Related Group’s affordable housing branch has a 3.3-acre parcel under contract from Jackson Health System, which currently hosts a parking garage and the 691,584-square-foot Jackson Medical Tower office.
The South Florida Business Journal explains that these buildings would be demolished to make way for 808 units, a 782-spot parking garage, and a 128-room hotel. More specifically, the homes will be divided between a 27-story tower with 361 apartments and another 25-story building with 447 apartments. Fifty percent of the homes will be reserved as affordable housing, and another 30 percent reserved as workforce housing.
According to Miami-Dade County records, workforce housing is intended for those earning 60 to 140 percent of the area median income (AMI), which currently ranges between $42,600 to $99,400 for a family of four. Employees of the Jackson Health System will have priority when applying for housing. Florida Medical Space shares that over the next 99 years, the venture is estimated to generate more than $1 billion in rent, and the venture itself will ideally be completed by early 2030.
The project is slated for 1500 N.W. 12th Ave., Miami, FL, 33136, in Miami-Dade County.
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