(Read more on the multifamily market.)

MIAMI-Construction has started on Allapattah Village, a $60-million project that will include 200 units of affordable housing on top of a 27,000-sf YMCA. The two-phase project will be completed in summer 2009.

The project is being developed by YMCA of Greater Miami, Coconut Grove, FL-based Carlisle Development Group and locally based Biscayne Housing Group, whose principals are Michael Cox and Gonzalo DeRamon. The residential development will rise at the intersection of NW 17th Avenue and NW 23rd Street in the Allapattah neighborhood, which is in the northwest quadrant of the city. The Jackson Hospital and fruit packing and warehouse district are located close to the project. “This is an older, working class neighborhood that has seen little investment over the past few years,” Cox tells GlobeSt.com.

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