An affordable housing project will be carried out by Udonis Haslem in his hometown.
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.