Integra Investments, a Miami-based real estate investment and development company – through its affordable housing division, Interurban, LLC – is a joint venture with Elderly Housing Development & Operations Corporation (EHDOC), a national non-profit organization dedicated to Development and Management of Affordable Housing for the Elderly, announced today the completion of affordable housing for the elderly with 271 units – Mosaic. Development is providing much-needed subsidized housing in Miami amid the Miami-Dade housing crisis.
Located in the Allapattah neighborhood of Miami at 1396 NW 36th Street, the 13-story newly built building offers first-class, affordable housing for residents over the age of 62. The complex includes 179 one-bedroom units and 92 spacious studios, including townhouses lining the south perimeter of the property.
Mosaico has received positive support as one of the highest quality affordable homes on the market. Integra Investments and EHDOC worked with HUD, Miami-Dade Public Housing & Community Development, the Miami-Dade County Housing Authority and the City of Miami to unlock the feasibility, construction and ongoing funding of Mosaico, which culminated in its provision.
The development is inspired by the desire to provide a long-term affordable housing solution for senior residents, including those relocating from 1809 Brickell, a physically obsolete, 56-year-old property on Brickell Avenue. Integra and EHDOC gave 1809 Brickell the first real opportunity to move into the brand new property. To ensure that 1809 Brickell residents are not displaced, Integra and EHDOC maintained the 1809 Brickell housing option during the construction of Mosaico, ensuring a smooth transition for residents.
“We are proud to thank EHDOC, Miami-Dade County, Miami City Leaders and HUD for sharing the vision of bringing high-quality housing for seniors to our community, and we are especially grateful for the attentive spirit and tireless work of countries that set a clear example of bringing together many stakeholders to provide a critical solution to the Miami housing crisis, ”said Integra Investments Director Paulo Melo.
“Mosaico is committed to providing our first-class living opportunities to those in need, with access to transportation and daily amenities,” added Jake Morrow, head of Interurban.
Designed by CC Hodgson Architectural Group, which specializes in first-class homes for the elderly, all units feature a modern atmosphere with high-end cabinets, quartz countertops and stainless steel appliances. Mosaico’s facilities have been built to meet today’s modern standards, including a large public space for communication and recreation, as well as organized support programming, a fitness center, a computer lab, a library, on-site management offices and a public roof garden.
Its prime location puts Mosaico at a central connection point, two blocks from Allapattah Metro Station and next to the MetroBus stop. Residents are minutes from Miami Health District, downtown, Midtown Miami, the Design District and Miami Beach. Nearby facilities, grocery stores, medical center, pharmacy, library and parks are within walking distance of the property.
The $ 58 million development was funded by a 4% tax credit for low-income housing (“LIHTC”) issued by Florida Housing Finance Corporation and syndicated by Boston Financial, and a $ 45.5 million tax-exempt bond issue from the Miami-Dade County Housing Authority and signed by R4 Capital. The development also has a project-based HUD voucher grant administered by Miami-Dade County Public Housing and Community Development.
“The completion of Mosaico marks another successful endeavor between EHDOC and Integra Investments,” said Melanie Ribeiro, President and CEO of EHDOC. “We are proud to present a new residential community in this neighborhood, where residents can socialize and enjoy amazing views and high quality residences.
The development of Mosaico by Integra Investments and EHDOC is in line with their long-term commitment to tackling the shortage of affordable housing and labor in the South Florida markets. The companies have joined together in additional affordable residential properties, including Steve Protulis Towers, a two-tower project with a total of 119 units in the Brownsville neighborhood, which was delivered in late 2021.
Through its accessible Interurban division, Integra Investments takes initiatives to support local people in need of high-quality affordable housing through a long-term commitment to struggling communities. As a prominent player in commercial and residential real estate throughout Florida, Integra Investments is behind remarkable endeavors, including the innovative Aventura ParkSquare complex in Aventura, Florida; Hallandale Beach ArtSquare Residential Community; and Bella Vista Apartments in Lauderhill Lakes.
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