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Brickell provides its residents with a very luxurious lifestyle. Because it is a financial center, many high-paid employees in the area live there. Consequently, housing is more expensive. However, there will soon be an option for people who earn lower wages.
“The Gallery,” a 500-unit residence in West Brickell will reserve one-quarter of its residences for households earning 50% of the county’s median income. In other words, around $29,500. The remaining apartments will go to those earning up to 140% of the median wage, which is around $82,000. In addition, there are ten units reserved for teachers and other Miami-Dade County public school employees. The project first came about as an idea in 2018. The goal is to increase elementary capacity at Southside and provide more workforce housing.
The tower will consist of 29 stories with an adjacent K-8 school next door. Miami-Dade Public Schools will participate as the co-developer of the project. In addition, Miami-Dade County Public Housing and Community Development department, and Related Urban Group will participate as developer entities.
Miami-Dade County’s Public Housing and Community Development Department will lead the selection process for the school-designated units. Construction on the residential tower is expected to begin in the third quarter and open in late 2023. The prices will range from $755/mo for a studio, to $3000/mo for a 3bed/2bath unit. Furthermore, amenities will include a gym, pool, business center, lounge area, and more.
According to Albert Milo, president of Related Urban Group, the project is addressing two major needs. That is, quality education, and quality housing. In addition, Milo added that when the public sector and the private sector work together, it is easier to tackle the issues that the public wants to address.
Read More: https://www.miamiherald.com/news/business/real-estate-news/article248989620.html
Looking for real estate opportunities in Brickell?
Contact us now via WhatsApp: +1 (305) 318 6968 (Heloisa Arazi) to learn more.
