The site is in the city's strongest affordable housing market, about two miles from Downtown.
Related is providing $12 million of equity investment for the tax credits generated by the apartment complex. Miami-Dade County is expected to contribute another $2 million. Completion is targeted for summer 2003.
The Santa Clara area of Miami already has a waiting list of tenants, city officials confirm. Monthly rents will be $215 to $635 for 625 sf to 1,100 sf of living area.
The project is near Miami's main medical corridor that comprises Jackson Memorial Hospital, Bascom-Palmer Eye Institute and the University of Miami Medical School.
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