MIAMI — Integra Investments, through its affordable housing development affiliate Interurban, has broken ground on Mosaico, a 271-unit affordable seniors housing project in Miami’s Allapattah neighborhood.
Interurban is developing Mosaico in partnership with Elderly Housing Development & Operations Corp. (EHDOC), an affordable seniors housing nonprofit.
Slated for delivery in 18 months, Mosaico is situated on a 1.2-acre site. The 13-story project will include 179 one-bedroom units and 92 oversized studio units, with four townhome units lining the southern perimeter. CC Hodgson Architectural Group designed the project.
The development was financed with 4 percent Low Income Housing Tax Credits and a $45.5-million tax-exempt bond issuance from the Housing Finance Authority of Miami-Dade County. Additionally, the project will have HUD project-based voucher subsidy administered by Miami-Dade County Public Housing & Community Development. Boston Capital provided the LIHTC equity capital and R4 Capital Funding provided the construction and permanent financing.
Located two blocks from the Allapattah Metrorail Station with a MetroBus stop immediately adjacent to the property, Mosaico will provide connectivity to Miami’s Health District, the downtown core, Midtown Miami, the Design District, and Miami Beach. The project is also within walking distance of several neighborhood conveniences, including grocery stores, a medical center, pharmacy, library, and a park with tennis courts and a large exercise track.