An affordable housing project will be carried out by Udonis Haslem in his hometown.
The retired NBA star’s Haslem Housing Venture LLC has partnered with Magellan Housing to build Catherine Flon Estates in North Miami, FL.
The Real Deal reports the 200-unit project will hold 174 affordable apartments.
The complex will focus on opening their doors to households earning no more than $74,700 per year, which accounts for 60% of the area median income.
Principal of Magellan Housing Nick Inamdar says the monthly rents for the property’s units are projected to be $1,161 (one-bedroom unit), $1,393 (two-bedroom unit), and $1,610 (three-bedroom unit).
Furthermore, 26 workforce-priced townhouses will also be seen at the 6.3-acre project site. They are fixated on renters earning no more than 120% area median income.
At this time, the pricing for the townhome units were not disclosed.
“Haslem Housing. North Miami #ItsJustWork,” Haslem captioned a post on Instagram.
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The housing project follows three years after initial conversations. A $1.5 million sale was completed in August 2023 to Magellan Housing, who also received a $2.3 million loan from Royal American Companies to secure the lane and support other provisions.
Additionally, Magellan Housing and Haslem are looking to be approved for a 4% low-income housing tax credit to support 30% of the project’s cost.
This is not Haslem’s first time teaming up with Magellan Housing.
In June 2023, a sale was approved for another housing project, Wynwood Works, consisting of 120 mixed-income residential units — from studios to three bedroom units. Additionally, it will feature amenities such as a fitness center, community space, and garden, according to The Athletic.
Wynwood Works is expected to open in 2024 while construction for the other project is expected to begin in 2024.
