Amid the region's severe housing affordability crisis, a new $115 million residential development may bring relief to local families and seniors in south Miami-Dade County and Florida Keys.
The new development, Naranja Grand I and II, provides housing and resort-style amenities for both families and seniors over 55 with rents starting as low as approximately $425 a month in South Miami-Dade. The development includes 320 income-restricted apartments for seniors and working families.
On Monday morning, Housing Trust Group and Miami Lakes-based Elite Equity Development, Inc. hosted a grand opening ceremony to mark the completion of the development. The developers were joined by Miami-Dade Mayor Daniella Levine-Cava and District 9 Commissioner Kionne L. McGhee.
The construction of the large housing development in south Miami-Dade comes at a time when the county’s shortage of affordable rental homes stands at about 70,000 to 90,000 units.
Matthew A. Rieger, President and CEO of HTG, said "too many of our neighbors are living paycheck to paycheck and barely getting by" noting Miami recently surpassing New York as the nation's most expensive metro area.
He said many Miami residents, especially seniors on fixed incomes, "are leaving Miami altogether.”
“Affordable communities this large are rare and complex to build, but with 320 apartments and rents as low as $471 per month, this multiphase community has thrown a true lifeline to hundreds of Miami residents — working adults, seniors, children — who desperately need a safe, clean and affordable place to live," Rieger said.
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The Naranja Grand is located at 28150 SW 147th Avenue and 28050 SW 147th Avenue, includes two eight-story residential buildings.
Tammy Haylock-Moore, Managing Director at J.P. Morgan, in a statement, said "every family deserves a quality, affordable place to call home, and Naranja Grand delivers exactly that for hundreds of households in Miami-Dade County."
"By providing the construction financing for this development, we're helping expand access to affordable housing in one of the country's fastest-growing markets," Haylock-Moore said.
