Integra Investments, the Miami-based real estate investment and development company – through its affordable housing development division, Interurban, LLC – in a joint venture with Elderly Housing Development & Operations Corporation (EHDOC), a national organization nonprofit dedicated to the development and management of affordable housing for seniors, today announced the completion of the development of 271 affordable housing units for seniors — Mosaic. The development provides much needed subsidized housing in the City of Miami amid the Miami-Dade housing crisis.
Located in Miami’s Allapattah neighborhood at 1396 NW 36th Street, the new 13-story building provides premium affordable housing for residents over the age of 62. The development comprises 179 one-bedroom units and 92 spacious studios, including townhouses lining the southern 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 alongside HUD, Miami-Dade Public Housing & Community Development, Miami-Dade County Housing Finance Authority and the City of Miami to unlock the feasibility, construction and permanent financing of Mosaico, resulting in its delivery.
The development was inspired by a desire to provide a long-term affordable housing solution for elderly residents, including residents moving from 1809 Brickell, a physically obsolete 56-year-old property on Brickell Avenue. Integra and EHDOC have granted the individuals of 1809 Brickell the first opportunity to move into the brand new property. To avoid any displacement of residents from 1809 Brickell, Integra and EHDOC maintained the option of living at 1809 Brickell during the construction of Mosaico, ensuring a smooth transition for residents.
“We are very proud to thank EHDOC, Miami-Dade County, Miami City leaders and HUD for sharing the vision of introducing a premium housing development for seniors in our community. , and are particularly grateful for the thoughtful and indefatigable spirit. work of the parties, which provide a shining example of multiple stakeholders coming together to provide a much-needed solution to Miami’s housing crisis,” said Paulo Melo, Principal of Integra Investments.
“Mosaico marks our continued commitment to providing high quality living opportunities for those in need, with access to public transit and everyday amenities,” added Jake Morrow, who leads Interurban.
Designed by CC Hodgson Architectural Group, which specializes in high-end senior housing, all units feature a contemporary vibe with high-end cabinetry, quartz countertops, and stainless steel appliances. Mosaico’s amenities are elevated to meet today’s modern standards, including a large community space for socializing and recreation along with organized support programs, fitness center, computer lab, library, on-site management offices and a rooftop community garden.
Its prime location places Mosaico at a central point of connectivity, located two blocks from the Allapattah Metro Station and immediately adjacent to a MetroBus stop. Residents are minutes from Miami’s Health District, Downtown, Midtown Miami, Design District and Miami Beach. Nearby amenities, grocery stores, a medical center, pharmacy, library, and parks are all within walking distance of the property.
The $58 million development was funded by 4% Low Income Housing Tax Credits (“LIHTC”) issued by the Florida Housing Finance Corporation and syndicated by Boston Financial, and an issue of exempt bonds tax of $45.5 million by the Housing Finance Authority of Miami-Dade County. and guaranteed by R4 Capital. The development also has a HUD project-based voucher grant administered by Miami-Dade County Public Housing and Community Development.
“The completion of Mosaico marks another successful venture between EHDOC and Integra Investments,” said Melanie Ribeiro, President and CEO of EHDOC. “We are proud to introduce a new living community to this neighborhood, where residents can socialize and enjoy scenic views and premium residences.”
The development of Mosaico by Integra Investments and EHDOC aligns with their long-term commitment to address affordable housing and labor shortages in South Florida markets. The companies have partnered with other affordable housing properties, including the Steve Protulis Towers, a two-tower project totaling 119 units in the Brownsville neighborhood, which was delivered in late 2021.
Through its affordable Interurban arm, Integra Investments undertakes initiatives to support local residents in need of high-quality housing at affordable rents through a long-term commitment to struggling communities. As a leading player in commercial and residential real estate throughout Florida, Integra Investments is home to notable ventures including the innovative mixed-use development Aventura ParkSquare in Aventura, Florida; ArtSquare, the Hallandale Beach apartment community; and Bella Vista Apartments in Lauderhill Lakes.
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