Related Urban Development Group has broken ground on Serenity Liberty Square, a 193-unit affordable community representing the fourth phase of the Liberty Square redevelopment project in Miami. Delivery is anticipated in March 2025.
To finance the project’s construction, the developer took out two loans, totaling $47.5 million, from Florida Housing Finance Corp. and Wells Fargo Bank, according to Yardi Matrix data. Additional sources of financing include tax-exempt bonds, LIHTC equity and the Florida Housing State Apartment Incentive Loan program. RUDG has also repaid in advance a $2 million loan for a previous phase, to be redeployed for this one.
Upon completion, Serenity Liberty Square will comprise three buildings with residences for individuals earning at between 30 and 80 percent of the area median income. The community will also house the 27 families that resided there before the redevelopment commenced.
At full build-out of all nine phases, Liberty Square will encompass some 1,900 mixed-income units across 60 acres, as well as a new educational center, healthcare facilities and the historic Liberty Square Community Center. The previous three phases, which have been completed between 2019 and 2022, comprise 600 units. The original Liberty Square was built in 1937 and totaled 700 units.
Located at 1310 NW 67th St., Liberty Square is close to Interstate 95 and roughly 6 miles north of downtown Miami. It is also some 7 miles from the Miami International Airport and less than 3 miles from the Northside Shopping Center.
High multifamily development activity in Miami
In the first half of 2023, Miami was one of the top markets for multifamily deliveries, with 5,109 units brought online across 22 properties, accounting for 3.3 percent of existing stock. Of the total, 19 percent of residences catered to the Renter-by-Necessity segment.
There were 47,569 units under construction across 166 properties in metro Miami metro as of October, Yardi Matrix data shows. Only 4,727 residences, representing 9.9 percent of the pipeline, pertained to fully affordable projects.
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