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A new mixed-use project, Residences at NoMi, is expected to break ground in the first quarter of 2023 after receiving long-awaited funding from the North Miami Community Redevelopment Agency.
Residences at NoMi, approved by the North Miami City Council in March 2019, was awarded an $8 million infrastructure grant from the North Miami CRA at its Dec. 13 meeting. The project includes mixed-income senior living, with 175 market-rate units and 40 affordable units, as well as 20,000 square feet of ground-floor retail and office space.
“This has been a long time coming,” said Steve Wernick, a Miami attorney representing the project. “It’s one of the most significant commitments to affordable housing and it’s going to be the first project going vertical in downtown North Miami in decades.”
The project was stalled after receiving approval in 2019. The North Miami CRA first considered the project and committed to a $5.8 million grant in 2021. However, the original developer ran into financial difficulties during the Covid-19 pandemic and the CRA de-committed the funding and encouraged the project to come back when the finances were in order.
The Horizon Group, a New York-based real estate development firm, acquired the site in May. The group was founded in 1985 and is knowledgeable in building multi-family and senior living projects. “They brought significant experience and credibility, took over the project and got it back on track,” said Mr. Wernick.
The North Miami CRA ultimately approved the $8 million grant and 50% tax increment financing, or TIF, which means half of the incremental taxes generated will be reinvested into the project to help support the affordability commitment.
Residences at NoMi was originally to include 148 market-rate units with a 15% commitment to affordable housing, which amounted to 27 units. The seven-story project as it stands now will include 40 affordable housing units, with 10 units at 60%-80% of area median income (AMI) and 30 units at 80%-120% AMI, which is considered workforce housing.
Mr. Wernick said Residences at NoMi will be a catalyst in the revitalization of downtown North Miami. The area suffers from an aging housing stock and hasn’t seen a new residential multi-family building constructed in 40 years.
An analysis of the project identified a total economic output of $88 million for the North Miami area over the next 20 years. It will also create 400 direct jobs, 69 indirect jobs, and 142 induced jobs, which ties into the role the project will play in stimulating business and development in the area, the analysis said. The project promises a commitment to local hiring preferences for construction and permanent jobs at the site.
Residences at NoMi will rise on a 1.95-acre parking lot at 950 NE 124th St. It’s about two blocks from city hall and neighbors North Miami’s commercial corridor on 125th Street. The project’s central location in the revitalization area is expected to greatly benefit local businesses and residents.
The project is expected to receive a final building permit in about a month and is to break ground shortly after. Construction is expected to be completed within 24 months.
https://www.miamitodaynews.com/2022/12/20/first-vertical-north-miami-housing-in-decades-ready-to-go/
