MIAMI—Three affordable housing developments in West Brickell leased in almost immediately. The affordable multifamily units at Vista Grande, West Brickell View, and West Brickell Tower are aimed at adults aged 55 and up.
The West Brickell element is significant. The reemerging West Brickell neighborhood is close to shopping, employment, local museums, parks and restaurants, and, of course, the Brickell Financial District.
“The Brickell area in the City of Miami is one of the few places in Florida that can truly offer an ideal urban living experience,” says Todd Fabbri, executive vice president for Richman Group of Florida. “The immediate area is extremely walkable and enjoys world class transit opportunities.”
Miami is also one of the most expensive cities for renters. Rents consume, on average, 43 percent of the typical household income, according to Richman. That's up from the historical average of just over a quarter.
“We did anticipate a quick lease up because there is enormous demand for high quality affordable housing in Miami,” says Fabbri. “The product that we delivered was of the highest quality in a location that has seen very little supply in past years.”
Richman is working to revitalize the area along Southwest 2nd Avenue and 8th Street with its modern architecture. The projects also offer 185 new units of much needed senior affordable housing.
West Brickell is reemerging on the multifamily scene. Lenders have also shown an appetite for West Brickell offices.
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