Pointe Development Co. wants to build affordable housing in the Goulds area of Miami-Dade County.
A developer wants to buy land from Miami-Dade County for $10 to build workforce housing.
The County Commission will consider June 8 selling two parcels for a combined 9,147 square feet on the west side of Old Dixie Highway just south of Southwest 218th Street. It’s in the Goulds area.
In recent years, the county has sold property to affordable and workforce housing developers for nominal amounts in order to address the lack affordable housing. A lower cost of acquisition makes it easier for developers to guarantee lower rents.
In the proposed deal with Surfside Pointe LLC, an affiliate of Bay Harbor Islands-based Pointe Development Co and JDM Realty Group, all of the units would be restricted to people making no more than 120% of area median income.
The pending agreement calls for the developer to complete construction within 48 months of buying the property.
The developer already owns a neighboring site of 27,007 square feet, which it acquired for $520,000 in January. It was originally planning 56 apartments there. By adding the county land to its site, it could build 68 apartments.
The four-story building would have 17 studios, 32 one-bedroom units, 16 two-bedroom units, and three three-bedroom units.
Maurice Egozi is the managing principal of Pointe Development while David Egozi heads JDM Realty Group. David Egozi said they originally consider the project for market-rate apartments but they spoke with County Commissioner Dennis Moss about adding the county-owned land in order to make it workforce housing. They would be able to add more units while will generating the return on investment they were expected, he said.
They also like the proximity to public transit. Pointe Development and JDM Realty Group are also partnering on an apartment near a public transit station in Hialeah.They have other apartments in the works in Little Havana and Gainesville.
JDM REALTY GROUP
The project in Goulds would include a gym, a social room and a barbecue area, Egozi said.
The architect is Anillo Toledo Lopez.
The project would also need site plan approval from county administration.
The project would add to the influx of development near the South Dade TransitWay, where the county is planning a Bus Rapid Transit system. County officials are encouraging dense development around the transit line to spur more ridership.
By Brian Bandell – Real Estate Editor, South Florida Business Journal
Jun 3, 2020
