IMC Equity to Build a 1,000-unit Workforce Housing in West Little River, Miami

IMC Equity, a North Miami-based company, is embarking on an ambitious project to build a 1,000-unit apartment complex in West Little River. The first phase of this project involves constructing a 244-unit apartment building, incorporating both workforce housing and market-rate units. The proposed seven-story building, to be located on a 5-acre site at the northeast corner of Northwest 79th Street and Northwest 30th Avenue, aims to provide at least 31 units designated as workforce housing, catering to households earning no more than 120 percent of the area median income. To qualify for workforce housing in the complex, specific income thresholds apply, ranging from $86,760 for a one-person household to $111,480 for a three-person household, based on data from the Florida Housing Finance Corporation.

Approval Process, Construction Timeline, and Subsequent Phases

IMC has obtained phase one approval and is seeking further approval to adjust the retail and restaurant space dimensions. Construction is anticipated to commence late this year. Future phases of the project include four buildings with a total of 750 units and retail spaces. These buildings are likely to be eight stories high and will occupy a 15-acre lot west of the phase one development site.

IMC's Investment and Expansion in West Little River

IMC has demonstrated significant investment in West Little River, acquiring various properties, including the Northside Shopping Center and adjacent lots. Additionally, the company is developing two six-story apartment buildings, a self-storage facility, and retail spaces nearby.

Utilization of the Live Local Act and Potential Expansion

IMC is considering leveraging the Live Local Act, a state legislation incentivizing developers to designate affordable or workforce housing units. By doing so, developers can benefit from property tax exemptions, potentially up to 75 or 100 percent, depending on the proportion of affordable units within a project. If successful, IMC may increase the number of workforce housing units in its projects, thereby maximizing tax incentives offered by the Live Local Act.

Company Profile

Founded in 2000, IMC Equity is a reputable development, leasing, and investment firm with an extensive portfolio exceeding 10 million square feet of commercial and residential properties.

IMC Equity's endeavor in West Little River exemplifies its commitment to providing diverse housing options while exploring legislative incentives to support affordable housing initiatives.