Coral Rock Development Group plans a 138-unit workforce and affordable housing project in North Miami.
The 10-story Kayla at Library Place will rise on the city-owned site of the Greater North Miami Chamber of Commerce at 13100 West Dixie Highway,
according to the developer’s news release. Coral Rock has a 70-year lease for the 1-acre property.
The chamber will relocate to an 8,000-square-foot space at Kayla, expanding from its current 1,200-square-foot building.
The project will offer one-bedroom apartments and two-bedroom apartments, ranging from 660 square feet to 930 square feet, the release says.
The unit breakdown will be 55 affordable housing apartments for households earning 60 percent of the area median income,
and 83 workforce housing apartments for those earning 100 percent of the AMI. Miami-Dade County’s AMI is $68,300.
Construction is expected to start in the second quarter of next year, with completion slated for the end of 2024, according to a Coral Rock spokesperson.
The Coral Gables-based developer this year completed the mixed-use Pura Vida Hialeah with 260 apartments and over 50,000 square feet of commercial space.
Coral Rock is led by principals Michael Wohl, Stephen Blumenthal, David Brown and Victor Brown.
This is the latest South Florida project that aims to offer a reprieve to the region’s apartment affordability crisis.
Although the unprecedented rent growth experienced over the past two years has slowed, the region is still leading the nation in rate hikes.
The area’s median rent rose 26 percent in June, year-over-year, reaching a monthly rate of $2,840,
according to Realtor.com.
In other planned projects with below-market apartments, Related Group wants to develop a 12-story,
167-unit mixed-income building at 450 Southwest Fifth Street and 445 Southwest Sixth Street in Miami’s Little Havana.
In Dania Beach, City Place Apartments, managed by Francisco Rojo and Robert Saland, scored city approval in March for a 110-unit project almost entirely aimed for low-income residents near Dania Beach City Hall.