The Real Deal posted an article about our multifamily development in Little Havana
Developer breaks ground on mixed-income rentals in Little Havana
Two studios will be set aside for affordable housing, with rents starting at $480/month
A Miami developer is taking advantage of the city’s mixed-income housing program to build a rental development in Little Havana.
Forth Development, founded by Ivanna Jimenez, Fernando Murzi and Jesus Luongo, broke ground on Bonsai I, an eight-unit building at 519 Southwest Fifth Avenue in Miami. Under the city’s mixed-income program, the developer can build twice as many units if affordable and workforce housing are included. Developers can receive a reduction in parking and the ability to defer impact fees.
Jimenez said two studios will be set aside for affordable housing, asking between $480 a month and $760 a month. Two one-bedrooms with a den will ask $1,550 and four two-bedroom, two-bathroom units will rent for $1,750 to $1,800 a month. The project is geared toward renters who work in downtown Miami and Brickell.
The building will also have six parking spaces, an outdoor grilling and seating area, and a dog park. CLAD Architecture designed the building. Ocean Bank is providing the $810,000 construction loan.