Related Urban Starts Work on $167M S. Miami Affordable Housing Venture

Related Urban and Miami-Dade County broke ground on Gallery at SoMi Parc, a $167 million affordable housing development in South Miami. The project site was made available through a 99-year ground lease with Miami-Dade County.

The 15-story project will deliver 350 affordable apartments serving residents earning between 20% and 80% of Area Median Income. In addition to setting aside units for special-needs residents, the project is intended to attract teachers, healthcare workers, first responders, service employees, and other workforce residents.

Located at 5949 SW 68th Street, the transit-oriented development is expected to be completed in the third quarter of 2028.

Financing includes $86 million in private placement bond financing from Merchants Bank of Indiana, approximately $60 million in Low-Income Housing Tax Credit equity from Red Stone Equity Partners, an $8.5 million SAIL loan from Florida Housing Finance Corporation, and an $8.5 million sponsor loan from Related Urban Capital.