SG Holdings, New Urban Development Break Ground on 153-Unit Senior Housing Tower in Miami Gardens

• Construction has officially begun on Serenity Gardens, a 153-unit affordable senior housing community in Miami Gardens.
• The development is a partnership between SG Holdings, New Urban Development LLC, and the City of Miami Gardens, with completion expected in late 2028.
• Financing includes support from JPMorgan Chase & Co., Santander Group, and Red Stone Equity Partners through the Low-Income Housing Tax Credit program.

What Serenity Gardens Will Bring to Miami Gardens

Construction is underway on Serenity Gardens, a new affordable housing community for seniors in Miami Gardens that will deliver 153 studio, one-bedroom, and two-bedroom apartments for older adults in Miami-Dade County. The project is being developed on city-leased land through a public-private partnership between SG Holdings, New Urban Development LLC, an affiliate of the Urban League of Greater Miami, and the City of Miami Gardens. Officials expect construction to wrap up in late 2028, adding much-needed affordable housing.

What the Development Means for Affordable Housing

Serenity Gardens is designed to help address the ongoing shortage of affordable housing for seniors across Miami-Dade County. Beyond providing quality housing, the project is expected to support neighborhood revitalization while creating construction jobs and permanent employment opportunities once completed. Michael Swerdlow, Managing Partner of SG Holdings, emphasized the importance of the development.

"The Serenity Gardens project demonstrates our commitment to delivering affordable, high-quality housing for seniors with the most need in our community."

He added that developments like Serenity Gardens are critical as South Florida continues to experience a severe affordable housing shortage, helping seniors age safely and with dignity in modern communities.

What the Partnership Builds on

Serenity Gardens continues a growing partnership between SG Holdings and New Urban Development in delivering affordable housing across South Florida. SG Holdings previously completed Sawyer's Walk, the housing component of the 578-unit Sawyer's Walk, an affordable senior housing project, while New Urban Development has developed affordable senior housing projects including Superior Manor Apartments Phase 1 and Carrie Meek. Oliver L. Gross, CEO of New Urban Development, said the project goes beyond housing.

"Serenity Gardens is an investment in both people and community, transforming long-vacant land into a vibrant neighborhood that creates jobs, expands access to affordable housing, and provides new spaces for residents to connect and thrive."

What Supports the Project's Financing

The development is backed by a combination of public and private financing. JPMorgan Chase & Co. provided financing for the project, while Santander Group supplied Low-Income Housing Tax Credit equity through syndicator Red Stone Equity Partners. The financing structure highlights the continued role of public-private partnerships and tax credit programs in making affordable housing developments financially viable across South Florida.