125-Unit Workforce Housing Project Unveiled in Allapattah

Key Points

• 125-unit workforce housing development planned at 3725 NW 24th Ave, Allapattah.

• Project leverages Florida's Live Local Act, offering tax breaks and zoning incentives.

• Miami-Dade faces a 90,000-unit affordable housing shortfall, intensifying demand.

Miami-based Aconcagua Developers, LLC is set to address the city's pressing housing affordability issues with a new 125-unit rental project in Allapattah. This marks the developer's inaugural venture into workforce housing, aiming to provide long-term rentals for residents earning up to 120% of the area median income (AMI). The initiative aligns with Florida's Live Local Act, designed to incentivize affordable housing through tax benefits and relaxed zoning regulations.​

Project Details

• Location: 3725 NW 24th Ave, Allapattah, Miami.

• Structure: 8-story building comprising one- and two-bedroom units.

• Amenities: Plans include a pool, gym, lounge, and ground-floor retail space.

• Parking: 114 spaces to accommodate residents.

• Timeline: Construction is tentatively scheduled to commence in August 2026.​

The development will encompass approximately 162,432 gross square feet, with 85,165 square feet designated as leasable space. While the exact number of workforce-designated units is yet to be determined, the developers intend for the entire project to serve this demographic.​

Leveraging the Live Local Act

Florida's Live Local Act, enacted in 2023, aims to alleviate the state's affordable housing crisis by offering developers incentives such as tax exemptions and zoning flexibility. Key provisions include

• Tax Incentives: Developments with units serving households earning 80-120% of AMI may receive up to a 75% property tax exemption.

• Zoning Flexibility: Allows for increased density and height in certain areas without the need for rezoning.

• Funding: Allocates significant funding to support affordable housing initiatives statewide.​

By aligning with this legislation, Aconcagua aims to expedite development and contribute meaningfully to Miami's housing needs.​

Addressing Miami's Housing Shortage

Miami-Dade County is currently experiencing a significant affordable housing crisis, with a reported shortage of over 90,000 units needed for households earning less than 80% of the area median income. This shortage has been exacerbated by rising property values and a growing population, leading to increased demand for affordable rental options.​

Developments like Aconcagua's Allapattah project are crucial in addressing this gap, providing much-needed housing options for the city's workforce.​

An Affordability Crisis

Aconcagua Developers' initiative in Allapattah represents a strategic move to tackle Miami's affordable housing crisis head-on. By utilizing the benefits of the Live Local Act, the project not only aims to provide quality housing for the workforce but also sets a precedent for future developments in the region. As Miami continues to grapple with housing shortages, such projects are vital in ensuring that the city's growth remains inclusive and sustainable.