The Sweetwater City Commission has cleared the way for CREI Holdings to develop an additional 316 affordable housing apartments. Li’l Abner III, which will rise next to its sister buildings Li’l Abner I and II, will help ease Miami’s shortage of affordable housing among seniors, one of the most vulnerable populations in the region.
South Florida’s quiet coastal town of Hallandale Beach is quickly becoming one of the most luxurious places to live, work and play, thanks to a wave of new high-end residences attracting affluent buyers in droves. As a result, the city is experiencing a wave of new investment in the area, with a whopping $1 billion worth of development underway, according to the Hallandale Beach Community Redevelopment Agency. These projects run the gamut from luxury residences to dining and entertainment attractions.
Mattamy Homes, the largest privately owned homebuilder in North America, has announced plans to develop a new community, Sienna, in Cooper City, Fla. Sienna recently broke ground, and sales will begin in early 2023. The luxury community is Mattamy’s first foray into the Fort
Lauderdale market, following many other successful projects in southeast Florida.
New York developer Shahab Karmely of KAR Properties and Miami developer Edgardo Defortuna of Fortune International Group announced a new partnership to co-develop One River Point, two connected riverfront-facing 66-story residential towers with a combined 300 units planned for 24 Southwest 4th Street in Downtown Miami. Under the One River Point Partners, LLC, the pair purchased the site from the original entity of One River Point, Miami River Project LLC, paying $58.85 million. The parcel enjoys an enviable location in the city’s epicenter, just steps from the Brickell financial district and luxury retail shopping and entertainment center, Brickell City Centre, as well as the major transportation hubs, and within minutes from Miami Beach, the Port of Miami, major international airports, and cultural landmarks such as the Adrienne Arsht Center, American Airlines Arena and Perez Art Museum.
ZOM Living, in partnership with NRP Group, has completed the sale of Monterra, an award-winning affordable housing community at 2601 Solano Avenue, Cooper City in Broward County. The 300-unit, garden-style apartment community offers LIHTC income-restricted apartments. The ZOM/NRP partnership also developed nearby Sorrento at Miramar, a 320-unit rental community financed through the federal Low Income Housing Tax Credit Program and various state and county debt financing programs.
