Developers Seek Free Land, Millions In Incentives For Miami Project

Miami officials are considering proposals to transfer city-owned land at no cost and provide millions of dollars in financial incentives to two developers planning affordable housing projects in Little Havana.

The City Commission was scheduled on Dec. 11th to review four resolutions related to the proposals. Approval of the land conveyances would require four of the city’s five commissioners because the city would bypass a competitive bidding process and authorize the city manager to negotiate sales agreements directly. The proposed $4 million forgivable loans for each project would require a simple majority vote.

The larger proposal comes from N.R. Investments, led by Nir Shoshani, which plans to develop an 11-story building with 114 apartments, 7,000 square feet of retail space and 90 parking spaces on a 23,790-square-foot site at 1340 S.W. 8th St. and 825 S.W. 13th Court. Under the plan, 40% of the units would be reserved for residents earning up to 60% of the area median income (AMI), 25% would be for those earning up to 100% of AMI, and the remaining apartments would be designated as workforce housing for households earning up to 120% of AMI.

Shoshani said the combination of free land and a $4 million incentive would make it feasible to maintain a 30-year income restriction on the units. The project would be filed under Florida’s Live Local Act, which allows for expedited approvals.

The two parcels are currently owned by Lopez Optical and Ray Optical Corp. and include several commercial buildings. City of Miami spokesperson Orlando Rodriguez said the city is scheduled to purchase the properties for $5.9 million on Dec. 12, after which they could be conveyed to the developer.

“If the project is not completed as proposed, the land would revert back to the city,” Shoshani noted.

N.R. Investments has previously developed affordable and workforce housing projects, including Uni Tower in Miami’s Arts & Entertainment District and the Sky Building in Oakland Park.

The second proposal was submitted by Mabruk USA, managed by Nuri Dorra. The company is seeking a $4 million forgivable loan and free ownership of a 24,863-square-foot city-owned parcel at 1251 S.W. 7th St., which Miami purchased for $2.3 million in 2019.

Mabruk USA plans to build a 12-story building with 105 apartments, all reserved for households earning up to 80% of AMI. Proposed amenities include a sauna, gym, meeting rooms and a solarium. Dorra is also the developer behind Essence Miami, a workforce and affordable housing project in Little Havana that broke ground in September and also received city incentives.

Source: SFBJ