Related Urban Breaks Ground on $167M Gallery at SoMi Parc

• Related Urban and Miami-Dade County broke ground on Gallery at SoMi Parc, a $167 million affordable housing development in South Miami.
• The 15-story project will deliver 350 affordable apartments, including 51 units for residents with special needs.
• Located at 5949 SW 68th Street, the transit-oriented development is expected to be completed in the third quarter of 2028.

What Related Urban Is Building

Construction is now underway on Gallery at SoMi Parc, a 15-story affordable housing development located at 5949 SW 68th Street in South Miami. Developed by Related Urban, the affordable housing division of Related Group, the project will deliver 350 apartments serving residents earning between 20% and 80% of Area Median Income. The development represents one of the largest affordable housing investments currently underway in South Miami. The project is expected to be completed during the third quarter of 2028.

Who the Development Will Serve

The Gallery at SoMi Parc is designed to provide housing options for working families and residents facing affordability challenges in Miami-Dade County. The project includes 51 Link Units reserved for individuals with special needs, alongside housing for teachers, healthcare workers, first responders, service employees, and other workforce residents who help support the local economy. As housing costs continue to rise throughout South Florida, developments like Gallery at SoMi Parc are becoming increasingly important in preserving socioeconomic diversity.

What Residents Will Receive

The development will feature approximately 273,000 rentable square feet of residential space and a full suite of modern amenities. Residents will have access to a resort-style swimming pool, fitness center, landscaped courtyard with barbecue areas, and multipurpose gathering spaces. Apartment interiors will include quartz countertops, luxury vinyl flooring, porcelain tile bathrooms, Energy Star appliances, in-unit washers and dryers, and dishwashers. The amenity package reflects Related Urban's focus on delivering market-quality affordable housing.

Why the Location Matters

The project sits directly adjacent to the South Miami Metrorail Station and within walking distance of major employment and healthcare destinations. Residents will be steps from South Miami Hospital and minutes from the University of Miami, Coral Gables, Coconut Grove, and Pinecrest. The location also offers easy access to Sunset Drive's retail, dining, and entertainment corridor. Its transit-oriented design helps connect residents to jobs and services throughout Miami-Dade County.

How the Project Was Financed

Gallery at SoMi Parc was assembled through a public-private partnership involving multiple funding sources. The capital stack includes $86 million in private placement bond financing from Merchants Bank of Indiana, approximately $60 million in Low-Income Housing Tax Credit equity from Red Stone Equity Partners, an $8.5 million SAIL loan from Florida Housing Finance Corporation, and an $8.5 million sponsor loan from Related Urban Capital. The project site was made available through a 99-year ground lease with Miami-Dade County.

What This Means for South Miami

Gallery at SoMi Parc represents a significant investment in preserving affordability within one of Miami-Dade County's most established communities. As development pressures continue throughout South Florida, public-private partnerships like this are helping create housing opportunities near transit, jobs, and essential services. The project also reinforces Related Urban's position as one of Florida's most active affordable housing developers, with more than 14,000 affordable and workforce housing units developed, rehabilitated, or managed statewide.