Miami-Dade County Sells Apartment Site for $10

Cipres paid Miami-Dade County $10 for a lot, enabling them to build an 8-story affordable housing project in the Wynwood neighborhood. With land costs so high in Wynwood, an affordable housing project in the neighborhood wouldn’t pencil out, hence the nominal price.

The S. Florida Business Journal reports the lot spans roughly 0.16 acres and has a market value of $3.45 million.

The developer plans to construct an eight-story building, called The Boxer, with 14 income-restricted three-bedroom units and 4,100 square feet of ground-floor retail. The units will be restricted at 80% to 120% of the area median income.

It’s anticipated that construction will begin within 24 months of conveyance.

As part of the deal, the developer also agreed to make an $800,000 donation to an unspecified education non-profit to create an endowed scholarship for students in Wynwood. The project is adjacent to a pair of market-rate projects developed by Cipres.