(Read more on the multifamily market.)

MIAMI-Urbanice Modern Life Developers is developing Puerto Nuevo, a 98-unit work force housing project at 1144 N.W. South River Dr. Urbanice is a joint venture between Atlanta-based Wood Partners and South Florida-based ARKS LLC.

The nine-story project on the Miami River will contain one- and two-bedroom units that range in size from 586 sf to 998 sf with prices ranging from $185,000 to $320,000. The estimated sell-out of the project is $25 million, Wood Partners development manager Charlie Morris tells GlobeSt.com.

Developers are in pre-sales for the project. A ground-breaking date has not yet been determined. After groundbreaking, the project is expected to take 18 months to complete. “We’ve sold several units,” Morris says. “We’re working on getting 20% of the units sold so we can negotiate with our lenders and start construction.”

The project is in the Little Havana section of Miami, one block away from the Miami River. Situated close to the city’s medical centers, a ready tenancy is available, Morris believes. Further, with the city’s plans to clean up the river, development on the river has been thriving. “The city has plans to create a riverwalk that would connect the residential projects,” he says.

Urbanice was created to develop work force housing projects in Miami-Dade County. In addition to Puerto Nuevo, the partnership is developing Los Jardines at 1601 S.W. 32nd Ave., Aqua Briza at 637 N.W. 1st St. and El Colonial at 833 S.W. 13th Court.

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