Florida & Gulf Coast CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Related Urban Nears Debut of $200M Miami Affordable Housing Project
Related Urban is just days from delivering The Residences Claude Pepper, a new 428-unit community in Miami’s Allapattah neighborhood, developed on a 99-year ground lease with Miami-Dade County.
Rising 15 stories at 702 NW 18th Terrace, the 312,992-square-foot high-rise will provide a mix of affordable, workforce, and supportive housing, including residences for households earning between 20% and 80% of the Area Median Income (AMI).
The roughly $200 million development was supported through $107 million in Florida Housing Multifamily Mortgage Revenue Bonds, approximately $74 million in 4% LIHTC equity from Wells Fargo, a $3 million SAIL loan from the Florida Housing Finance Corporation and a $3 million sponsor loan from RUDG Investor, LLC.
Amenities include a fitness center, co-working lab, multipurpose room, package room, bike storage and a private landscaped courtyard with a BBQ area and tot lot.
The development also includes a roughly 4,400-square-foot community center. Completion is expected in Q3 2028.
- ◦Development
