Developer To Start Construction On $190M Affordable Housing Project
NR Investments is getting started on a fully income-restricted apartment tower in the Miami Arts and Entertainment District.
The South Florida-based development firm, co-founded by Ron Gottesmann and Nir Shoshani, held a groundbreaking ceremony on Thursday for Uni+Dos, a 398-unit apartment tower with units designated for those making between 60% and 140% of the area median income.
The developers expect the project at 1445 N. Miami Ave. to cost $190M — supported by a $130M loan from the U.S. Department of Housing and Urban Development, a $27M grant and $15M in tax increment financing from the Omni Community Redevelopment Agency, a spokesperson confirmed to Bisnow.
The HUD loan has a finalizing target date in April, and construction work will start soon after, Shoshani told the South Florida Business Journal.
Uni+Dos is the second phase of a 650-unit, fully restricted workforce and affordable housing development, after the development of adjoining Uni Tower, Shoshani said in a statement.
"Uni Tower proved that when you intentionally bring together teachers, nurses, state attorneys, public defenders, and the everyday leaders who keep this city running, you don’t just build housing, you build renewed commitment to real community," Shoshani said in a statement. "Today's Uni+Dos groundbreaking continues that promise."
Uni+Dos, designed by Corwil Architects, will rise 31 stories and feature 8,500 SF of commercial space and a parking garage. Monthly rents will average between $1,302 and $2,700, a spokesperson told Bisnow.
Despite the project meeting the requirements of the Live Local Act, a law passed in 2023 to spur more affordable housing development by providing tax and increased density incentives, NR Investments didn't boost the density of the project beyond the local zoning rules. It will, however, utilize the tax breaks, Shoshani told SFBJ.
Construction is expected to finish in 2028.
The project comes as Miamians are some of the most rent-burdened residents in the nation and the city ranks as the least affordable rental market across 182 cities, according to WalletHub.
The city has worked to close its housing shortage, adding 8,960 income-restricted units between 2020 and 2024, a 97% increase from the previous five years, according to RentCafe.
