Related Urban Files Plans for Mixed-Income Residential Development in Coconut Grove

Key Points:

• Project Scope: A 20-story building with 345 residential units planned for Coconut Grove.
• Investment: Estimated development cost of $148 million.
• Affordable Housing: Includes 138 units designated for affordable housing.

Related Urban - Related Group's affordable housing arm - has unveiled plans for a significant residential development in Miami's Coconut Grove neighborhood. The proposed 20-story building aims to deliver 345 units, blending market-rate and affordable housing options. This initiative reflects a growing trend among developers to address housing affordability in urban centers.

Project Overview:

• Location: The development is slated for 3160 Mundy Street, replacing an existing three-story multifamily building.
• Unit Breakdown:
  • 207 market-rate units.
  • 138 affordable units, catering to residents earning up to 60% of the area median income.
• Amenities: Plans include a fitness center, swimming pool, and communal spaces to enhance resident experience.

Strategic Significance:

Coconut Grove, known for its rich history and vibrant community, has seen increased development activity. Related Urban proposal aligns with efforts to provide diverse housing options in desirable Miami neighborhoods, potentially setting a precedent for future mixed-income projects.

Located east of the Douglas Road Metrorail Station, the development is projected to bring in $573 million for the City of Miami during its lease term.

Market Context:

Miami's real estate market continues to attract significant investments, with developers focusing on projects that offer both luxury and affordability. This balanced approach aims to meet the demands of a growing and diverse population.

Related Urban $148 million proposal for a mixed-income development in Coconut Grove underscores the company's commitment to addressing housing needs in Miami. By integrating affordable units into a modern residential complex, the project could serve as a model for future developments in the region.