A new 76-unit development has opened to provide needed affordable housing options in the West Kendall area of Miami.
Reserved for residents earning between 30% and 80% of the area median income, Max’s Landing Apartments is the latest community by Housing Trust Group, one of the nation’s leading affordable housing developers. Monthly rents for qualifying residents will range from $401 to $1,443.
The property, which began leasing earlier this year, is fully occupied. It opens at a time when the Miami-Fort Lauderdale-West Palm Beach region has one of the most severe shortages of affordable and available rental homes in the nation. In “The Gap: A Shortage of Affordable Homes” report this year, the National Low Income Housing Coalition reports that there are only 22 affordable and available homes in the metro area for every 100 extremely low-income renter households.
“Max’s Landing is evidence of the tremendous need for more affordable housing in Miami,” said Matthew A. Rieger, HTG president and CEO. “It’s essential that we make housing more attainable for those who hold jobs that our society deems necessary, but who don’t earn high salaries—such as teachers, restaurant workers, and first responders. Safe, clean, and affordable housing is critical to the overall health of our community, and our economy, and we applaud Miami-Dade County for recognizing the need for more affordable apartments in the fast-growing Kendall suburb of Miami-Dade.”
Max’s Landing Apartments is a three-story building with 11,388 square feet of retail space on the ground floor and residential units on the second and third floors. It consists of 56 one-bedroom, one-bath units and 20 two-bedroom, two-bath units, ranging in size from 688 square feet to 1,108 square feet. Units will have washer/dryer hookups, full-size Energy Star appliances, wide plank flooring, and balconies. Community amenities include a clubroom with a kitchen and lounge seating, a fitness center, a business/computer room, a community garden with seating, smart storage lockers, electric car-charging stations, bicycle racks, and several activity areas.
Financing sources for the $25 million project include $14.49 million in 9% low-income housing tax credit equity provided by CREA, a $5.5 million loan from KeyBank, and $1.6 million in soft financing from Miami-Dade County. HTG purchased the 2.7-acre site in March 2019.
The building and design team for Max’s Landing Apartments is Modis Architects, HSQ Engineers, and Gomez Construction Co.
HTG is an award-winning, full-service developer of multifamily residential communities whose real estate transactions exceed $3 billion in commercial, land, and residential developments across Arizona, Florida, Georgia, and Texas. HTG develops, builds, and manages a diverse portfolio of affordable, workforce, market-rate, and mixed-use developments.