A Florida-based developer has plans for an affordable housing development that would replace a shuttered Chase bank in Miami Beach.
Jerika Properties wants to proceed with a 98-unit community that would offer housing to tenants earning up to 80 percent of the area median income (AMI). According to Miami-Dade County records, a one-person household could earn no more than $69,400 a year to qualify. The County’s median household income is currently $87,200.
Jerika Properties is seeking incentives under the Live Local Act; the building would measure no more than 235 feet high and comprise close to 116,000 square feet of new construction. The firm acquired the project’s 18,614-square-foot site for $5.9 million three weeks ago, selling for about $317 an acre. The site had a massive increase in value since it last traded for $600,000 in 2001, an 883 percent increase in value.
Jerika Properties’ affordable housing development isn’t the only of its kind in Miami Beach. Recently, Florida YIMBY reported on a five-story affordable housing project dubbed “Ruby Development.” That project would comprise 20 units spanning studio to two-bedroom floorplans measuring 500 to 1,029 square feet.
The 98-unit affordable housing development is slated for 1101 71st St, Miami Beach, FL, 33141, in Miami-Dade County.
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