Magellan, Haslem Low Income Housing Plan in North Miami
Udonis Haslem (right) and Nick Inamdar of Magellan Housing and Amay Inamdar with the development site (Getty, Magellan Housing, Google Maps)
Former Miami Heat star Audonis Haslem and Magellan Housing are planning a 200-unit project with affordable apartments and townhouses at workforce rates for sale in North Miami, The real deal to learn.
Magellan and Haslem of Miami, who both retired from professional basketball this year, want to develop Kathryn Flonn real estate, with one block of 174 apartments and several blocks of 26 townhouses, Magellan principal Nick Inamdar said. TRD.
An entity linked to Magellan purchased the 6.3-acre development site at the southeast corner of Northeast 139th Street and Northeast Four Avenue for $1.5 million this month, according to records and real estate database Vizzda. The city was the seller.
Plans for the project are still a work in progress, though Inamdar expects the leased building to have eight floors. The number of townhouses is not known yet.
The apartments will target families whose income is no more than 60 percent of the median income in the area, which is $74,700 annually. This means that to qualify, the maximum income a single-person household can receive is $43,380; $49,560 for a family of two; and $55,740 for a family of three, according to the Florida Housing Finance Corporation.
Monthly rents at Catherine Flon Estates are $1,161 for one-bedroom units; $1,393 for two-bedroom units; Three-bedroom units go for $1,610, Inamdar said.
He said the homes would target families with incomes of no more than 120 percent AMI. Prices, to be determined based on government guidance for workforce housing, were not immediately available.
The Haslem and Magellan Project has been in the works for about three years. They have won an application issued by the city for proposals to develop the site.
The land is a designated brownfield, which means developers will focus on cleaning up the environment for about a year, according to Inamdar. Construction is expected to begin late next year.
Inamdar said Haslem and Magellan also plan to apply for tax credits on low-income housing at the 4 percent rate. The FHFC website says the government program subsidizes 30 percent of the cost of low-income development.
Magellan also took out a $2.3 million loan from American Royal Companies, according to Vizzda. The funding was used to purchase the land, Inamdar said, and the remainder will go towards site preparation, including environmental remediation.
Catherine Flon Estates is not the first affordable project from Magellan and Haslem. In Wynwood, Miami, the couple plans a 12-story Wynwood Works building at 2035-2043 North Miami Avenue with 120 units. The project will target families whose income does not exceed 60 percent of the paid net income.
Even before his retirement, the basketball player started Haslem Housing Venture to develop affordable housing in Miami-Dade County. Magellan, which is run by co-president Amai Inamdar, has a portfolio of about 17 affordable housing projects with 2,000 units in Florida and Texas, according to its website.
Developers are increasingly betting on affordable housing and the workforce, both asset classes that are in high demand. An influx of unusual foreigners has led to record rent increases that have long-time South Florida residents pricing apartments at market rates.
In the Overtown neighborhood of Miami, Atlantic Pacific is developing a mixed-use Atlantic Terminal with 616 apartments, including 360 workforce units, at 152 NW Eighth Street.