Related Urban Lands $167M Financing for 257-Unit Gallery at Lummus Parc in Miami

• Related Urban Development Group secured approximately $167 million for the first phase of Gallery at Lummus Parc at 395 NW 1st Street in Miami.
• The project will deliver 257 mixed-income apartments, with about 83% subject to income or rent restrictions.
• Construction is underway, with completion expected in late 2028. The broader Lummus Parc redevelopment will eventually total 439 units.

What Related Urban Is Building

Related Urban Development Group, the aDEffordable and workforce housing division of Related Group, is transforming a county-owned site along the Miami River into a new mixed-income residential community.

The first phase, Gallery at Lummus Parc, will rise at 395 NW 1st Street and include 257 studio, one-bedroom and two-bedroom apartments. The project is part of a larger two-phase redevelopment that will eventually include the 182-unit Residences at Lummus Parc.

What The $167M Financing Covers

Greystone assembled a financing package combining construction debt, tax-credit equity and permanent financing.

The capital stack includes an $80 million construction loan from Greystone Housing Impact Investors through a joint venture with the BlackRock Impact Opportunities Fund, along with $27.1 million in 4% Low-Income Housing Tax Credit equity from Greystone Real Estate Capital.

Greystone also secured a $60.1 million Freddie Mac forward TEL commitment for fixed-rate, tax-exempt permanent financing that is expected to take out the construction financing after stabilization.

What The Affordable Housing Mix Looks Like

Gallery at Lummus Parc is designed as a Class-A mixed-income development, with affordability incorporated across multiple income levels.

Approximately 83% of the 257 residences will have income or rent restrictions ranging from 20% to 100% of area median income. The project also includes 51 Project-Based Voucher units and six RAD-assisted residences.

The mix includes 42 studios, 128 one-bedroom units and 87 two-bedroom units, providing a range of housing types within the same development.

What The Building Includes

The high-rise will include a five-level parking structure and a broad amenity package designed to resemble newer market-rate multifamily developments.

Residents will have access to a rooftop pool and deck, health club, coworking space, club room, lounge, grilling areas, pickleball court and outdoor fitness area. The project is also positioned near major transit, including the Government Center Metrorail and Metromover station and Brightline's Miami Central station.

What The Public-Private Partnership Means

Miami-Dade County approved a 99-year amended and restated ground lease for Gallery at Lummus Parc and authorized a related consulting agreement with affiliates of Related Urban. The county's June 2026 resolution identifies the development entities as affiliates of RUDG.

For Miami multifamily investors, the project illustrates how county-owned land, LIHTC equity, public assistance and institutional capital can be combined to finance large-scale housing in the urban core.

The second phase will add another 182 units, creating a 439-unit redevelopment along the Miami River when both phases are complete.