Developers have broken ground on an affordable housing development for seniors in Miami’s Allapattah neighborhood.
Mosaico is being developed by Interurban, the affordable housing affiliate of Miami-based real estate investment and development company Integra Investments, in partnership with the Elderly Housing Development & Operations Corp. (EHDOC), a national nonprofit organization dedicated to developing and managing affordable housing for seniors.
Slated for delivery in 18 months, the 13-story project will include 179 one-bedroom and 92 oversized studio units, with four townhome units lining the southern perimeter. Mosaico was designed by C.C. Hodgson Architectural Group, which specializes in premium elderly housing.
The approximately $58 million development is being financed with $18.7 million in 4% low-income housing tax credit equity from Boston Capital and a $45.5 million tax-exempt bond issuance from the Housing Finance Authority (HFA) of Miami-Dade County. Additionally, the project will have federal project-based voucher subsidy administered by Miami-Dade County Public Housing and Community Development (PHCD). R4 Capital Funding provided the construction and permanent financing.
Tenants will have numerous on-site amenities, such as a large community space for recreation and organized services, a fitness center, a computer center, a library, laundry facilities, on-site management offices, and a rooftop community garden. The project will also include a parking garage in the building’s core.
Located two blocks from the Allapattah Metrorail Station with a MetroBus stop immediately adjacent to the property, Mosaico will provide swift connectivity to Miami’s Health District, the downtown core, Midtown Miami, the Design District, and Miami Beach. The project is also within walking distance to several neighborhood conveniences, including grocery stores, a medical center, a pharmacy, a library, and a park with tennis courts and a large exercise track.
“The closing of financing and groundbreaking of Mosaico represent the culmination of significant efforts between the Integra and EHDOC development teams and our financial partners, the Miami-Dade HFA, Miami-Dade County PHCD, and the city of Miami planning and zoning departments to introduce a top-quality community for senior living,” said Jake Morrow, who leads Integra Investments’ Interurban. “We look forward to presenting the project to the market.”
Integra Investments’ development of Mosaico aligns with its long-term commitment to address affordable and workforce housing shortages in South Florida markets.
