Miami-Dade County And Related Urban Development Group Break Ground on Three Round Towers

Miami-Dade County Mayor Carlos A. Gimenez,  Chairwoman Audrey M. Edmonson and Related Urban Development Group (RUDG) have celebrated the ground-breaking of Three Round Towers B&C and Brisas del Este, an affordable housing development encompassing three buildings for a combined total of 383 units in the Allapattah area of Miami-Dade County. They were joined by a special guest on this occasion, the Honorable Dr. Benjamin S. Carson, Secretary for the U.S. Department of Housing and Urban Development.

The Three Round Towers development was originally built in 1970 on approximately 6.98 acres and included three towers (Towers A, B and C), a Community Center and parking for residents. Tower A was substantially renovated in 2018 by Related Urban. The current renovations are focused on the major rehabilitation of Towers B and C along with the construction of Brisas del Este, a new 120-unit affordable housing project. RUDG, the affordable housing arm of prolific developer Related Group, will serve as Miami-Dade County’s developer partner. 

The rehabilitation of the two existing towers and the new construction of Brisas Del Este will result in stylish, well-appointed residences tailor made to serve a primarily senior population through elevated accessibility options. The projects will serve residents from 30% area median income (AMI) up to 80% AMI and will be completed in the beginning of 2022.

“By fully leveraging multiple financing sources, our County is paving the way more for smart projects that create vital affordable housing for our residents,” said Miami-Dade County Mayor Carlos A. Gimenez. “Miami-Dade’s public-private partnership with Related Urban Development Group has been a key component leading to the success of this particular project, and I look forward to the County’s continuing wise use of P3’s moving forward.”

The total development cost for the three buildings is more than $106 million. The layering of financing makes this development the largest of its kind in the nation  utilizing Opportunity Zone Funds ($24 million) in combination with other federal and HUD resources, such as Low-Income Housing Tax Credits (LIHTC), Rental Assistance Demonstration funding (RAD), Home Investment Partnerships (HOME) from the City of Miami, and a Purchase Money Mortgage (PMM) of $18 million from Miami-Dade County to the developer. County and State surtax funds are also being invested in the project. More importantly, the Opportunity Zone investment of $24 million was made by personally by Related Group CEO Jorge M. Peréz.

“The redevelopment of Three Round Towers and the addition of Brisas Del Este leverages the widest range of financing available in affordable housing development,” said Albert Milo, Jr President of RUDG. “It is truly a first-of-its-kind project made possible by our partners at the County, who we have worked with over a dozen times to create transformative affordable housing solutions across Miami-Dade. Through collaborations like this, we are able to continue making a real difference for the residents of the communities we build in.”

“With this project we are proving that Opportunity Zone funding is scalable for major affordable housing developments,” said Michael Liu, Director for Miami-Dade Public Housing and Community Development (PHCD). Liu continued, “With a visionary like Jorge Perez and extraordinary builder in Albert Milo, our plan to transform all of our public housing with private sector partners will succeed.” 

David Beckham's Plans for MLS Stadium Not Going Smoothly

MLS has wanted a stadium in the heart of Miami since the 90s to build its Latin and youth fan base. There have been several incarnations of professional soccer teams in South Florida, but none managed to navigate the political waters of Miami successfully. 

Marcelo Claure, CEO of Sprint and Beckham’s partner said, “We have to put the team where it is accessible to them. So many Latin Americans and Europeans live here, it doesn’t seem right that we don’t have a soccer team.”

Beckham partnered with Claure, Jorge and Jose Mas, and Simon Fuller (creator of American Idol) to launch the franchise in January. They face a number of challenges before they can open the stadium, whose opening is scheduled for 2021. 

Now, David Beckham is facing opposition not from the city, but from activist and landowner Bruce Matheson. Court records indicate that Matheson sued the county to block the proposed stadium in Overtown, and is now appealing a judge’s ruling that threw out his lawsuit in October. He alleges that Miami-Dade County gave Beckham “a secret discount from the taxpayers” in their no-bid, $9 million deal for three acres of county-owned land. 

Beckham’s deal, which was based on appraisals from late 2015, but was approved in 2017, comes out to about $74 a square foot. In 2016, land was selling for $142 per square foot. Commissioners approved the deal, on the condition that Beckham and his partners spend $175 million on the stadium’s construction. Beckham and his partners have yet to close the deal and to secure land-use changes and new zoning.

The residents of Overtown are uneasy in light of community activists posting fake eviction notices in the neighborhood. The notice was actually an ad for a community meeting to discuss the future of public housing around the stadium. Public Housing Director Michael Liu said, “There are no plans to evict. We want to have the best possible housing for people in public housing.” Residents are skeptical, though. The future of Beckham’s MLS Miami stadium is uncertain. 

Article by Katya Demina