Related Urban’s potential replacement of a Coconut Grove public housing project for seniors with a $148 million mixed-income multifamily project is gaining steam.
Miami-Dade County Commission’s housing committee on Tuesday voted unanimously and without discussion in favor of Mayor Daniella Levine Cava negotiating a 99-year lease with Related Urban, led by President Albert Milo, to redevelop Gibson Plaza at 3160 and 3170 Mundy Street.
The 62-unit building for low income residents 62 years and older would be demolished to make way for Gallery in the Grove, a 20-story tower with a mix of 345 market-rate, affordable housing and workforce housing units, as well as 303 parking spaces. Miami-based Cohen Freedman Encinosa & Associates designed Gallery in the Grove, which will also include a new county library.
The full county commission is scheduled to vote on March 5 on the proposed deal, which also requires approval from the U.S. Department of Housing and Urban Development.
Related Urban is the affordable housing division of Coconut Grove-based Related Group, led by Jorge Pérez and his sons Jon Paul and Nicholas Pérez. The developer is offering the county a lump sum of $1.7 million, a one-time fee of $150,000, an annual asset management fee of $25,000, and 16 percent of Gallery in the Grove’s annual net receipts, according to a county memo.
The project would generate an estimated $561.8 million during the 99-year term, Miami-Dade officials said.
Last year, Related Urban and the county’s Public Housing and Community Development Department completed the Residences at SoMi Parc, a 172-unit complex representing the first phase of a planned community of 500 mixed-income units.
Recently, Related Urban canceled negotiations with the city of Homestead to develop a mixed-income, mixed-use project after winning a bid to redevelop the former city hall site near U.S.1 and North Campbell Drive in 2021.
The developer previously planned to turn the 16-acre site into CityPlace Homestead, a mixed-use project that would have featured 426 market-rate, affordable housing and workforce housing units, and roughly 41,000 square feet of office and retail space.