Housing Development “Three Round Towers” to get major renovation and addition of Brisas del Este thanks to The Related Urban Development Group
After a ceremony hosted by Mayor Carlos A. Gimenez and Chairwoman Audrey M. Edmonson, the groundbreaking project is officially underway. Miami-Dade County Mayor Carlos A. Gimenez teamed up with Chairwoman Audrey M. Edmonson and Dr. Benjamin S. Carson, Secretary for the U.S. Department of Housing and The Related Urban Development Group to host a ceremony for the newest housing development project Three Round Towers, the finances of which make it the largest development project of its kind in the nation.
Three Round Towers is an affordable housing development in the Allapattah section of Miami that consists of three buildings and a total of 383 units. In 1970, it was originally built on 6.98 acres and includes three towers, a community center, and parking spaces for residents.
Tower A was already renovated in 2018, so this project focuses on renovating towers B and C while also constructing Brisas del Este, another affordable housing project that consists of 120 units.
This project is so groundbreaking not only because the total cost is $106 million, but also because of the funding that it utilizes. The development uses $24 million in Opportunity Zone Funds in addition to Low-Income Housing Tax Credits (LIHTC), Rental Assistance Demonstration funding (RAD), Home Investment Partnerships (HOME), and Purchase Money Mortgage (PMM) of $18 million from Miami-Dade County to the developer.
These finances make the project the largest of its kind in the nation.
Mayor Gimenez believes that the County’s partnership with the Related Urban Development Group has been the key to the success of this project.
“By fully leveraging multiple financing sources, our County is paving the way more for smart projects that create vital affordable housing for our residents.” Mayor Carlos Gimenez
To view the live-stream of the ceremony, visit the County’s Facebook page.