The eight-story project breaks ground April 24.
"Senior housing needs have not been well-addressed with new development in South Florida," Patrick Martin, Related's executive vice president, says in a prepared statement. He calls the Meridian project "an excellent investment that may help jump-start a renewal in this important but underserved housing sector in South Florida."
Related is providing a $4.4 million equity investment for the tax credits generated by the Meridian. Charter Mac, a Related-managed company, is coming up with $8.6 million in bonds issued to the project by Broward County.
The Meridian will be constructed on 2.6 acres along North 26th Avenue, just north of Sheridan Street in Oakwood Plaza. Hollywood is 20 miles north of Downtown Miami. The apartments will range from 556 sf in one-bedroom units to 1,009 sf in three-bedroom units. A rent schedule wasn't disclosed.
Triad and Related recently completed development of the 308-unit Sunset Bay Apartments, a senior affordable housing project in Miami. Related was the equity investor.
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