A Bay Harbor Islands-based developer has secured a multi-million-dollar loan for a new residential project in Miami-Dade.
Perrine Estates LLC, an affiliate of Monceau Realty, was awarded a $43 million construction loan for a housing development with some workforce units. The venture, known to our sources as Perrine Estates, will feature 192 apartments, 12.5 percent of which will be designated as workforce housing. This is not to be confused with the similarly named Perrine Village, which Florida YIMBY covered earlier this June.
Miami-Dade County defines workforce housing as housing reserved for households earning within 60 to 140 percent of the area median income (AMI). County records share that a qualifying four-person household would earn between $50,820 to $111,580.
While the developer hopes to gain various incentives from the County, it is not filing Perrine Estates under the Live Local Act. That legislation requires that at least 40 percent of a project’s housing units be designated as affordable to qualify for benefits. In addition to the residences, Perrine Estates will host close to 2,000 square feet of retail.
Perrine Estates LLC acquired the project’s 1.47-acre build site for $3.5 million in 2022. The property is currently vacant. It’s located at the corner of Banyan Street and Homestead Avenue, West Perrine, Florida, 33157, in Miami-Dade County.
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