NR Investments Breaks Ground on $190M Uni+Dos Workforce Housing Tower in Miami

Key Points

• NR Investments started construction on Uni+Dos, a 398 unit affordable and workforce housing tower in Miami’s Arts & Entertainment District. 
• The $190M project includes a $130M HUD loan plus $42M in local grants and tax increment financing.
• Units will target residents earning 60% to 140% of the area median income, with rents ranging from $1,302 to $2,700 and completion expected in 2028. 

What The Uni+Dos Development Adds To Miami’s Arts & Entertainment District

South Florida developer NR Investments has officially broken ground on Uni+Dos, a 31-story residential towerplanned for 1445 N. Miami Ave. in Miami’s Arts and Entertainment District. The project will deliver 398 income restricted apartments aimed at households earning between 60% and 140% of the area median income (AMI). Rents are expected to average $1,302 to $2,700 per month, positioning the building squarely in the workforce housing segment. The tower will also include 8,500 square feet of ground-floor commercial space along with a structured parking garage. Once completed, Uni+Dos will bring additional density and mixed-use activity to one of Miami’s fastest-growing urban neighborhoods.

What The $190M Financing Structure Means For The Project

Uni+Dos is supported by a layered financing structure totaling about $190 million, combining federal loans and local redevelopment funding. The largest component is a $130 million loan from the U.S. Department of Housing and Urban Development (HUD). The project also received $27 million in grants and $15 million in tax increment financing from the Omni Community Redevelopment Agency. The HUD financing is expected to be finalized in April, after which construction activity is scheduled to begin shortly afterward. For developers, these types of financing tools help offset the lower revenue potential tied to income restricted rents, making large workforce housing projects financially viable.

What The Project Means For The Larger Uni District Housing Development

Uni+Dos represents the second phase of a larger 650 unit affordable housing development led by NR Investments in the area. The first phase, Uni Tower, already delivered income restricted housing designed for essential workers such as teachers, nurses, and public service professionals. According to the developer, the goal is to create a community centered around residents who play key roles in Miami’s workforce. By adding nearly 400 additional units, Uni+Dos expands that concept while helping increase housing supply in a neighborhood that has seen significant residential growth over the past decade.

What Florida’s Live Local Act Means For The Development Strategy

Although the project qualifies under Florida’s Live Local Act, NR Investments decided not to increase density beyond existing zoning allowances. The law, passed in 2023, was designed to encourage affordable housing construction by offering tax incentives and development flexibility. In this case, the developer opted to take advantage of the tax benefits while keeping the building within local zoning limits. The decision highlights how incentives alone can sometimes make workforce housing projects financially feasible without significantly increasing building density.

What Miami’s Housing Shortage Means For Workforce Housing Demand

Uni+Dos arrives at a time when Miami renters face some of the highest affordability pressures in the country. Studies rank Miami as the least affordable rental market among 182 U.S. cities, with many residents spending a significant share of their income on housing. At the same time, population growth and migration to South Florida continue to drive demand. Local officials have tried to address the issue by expanding the affordable housing supply. Between 2020 and 2024, the city added 8,960 income restricted housing units, representing a 97% increase compared with the previous five year period. Developments like Uni+Dos play a key role in that strategy by targeting the middle income workforce segment, which has been squeezed the most by rising rents.

What This Project Signals For Miami’s Future Housing Pipeline

The Uni+Dos project highlights how public funding, tax incentives, and private development partnerships are shaping Miami’s affordable housing pipeline. Large workforce housing developments are becoming increasingly common as developers look for ways to meet demand while maintaining viable project economics. If construction stays on schedule, the 398-unit tower will deliver a new housing supply in 2028, adding another major piece to Miami’s growing inventory of workforce apartments.