Resia Secures $60M To Build Affordable Housing in South Dade
By Julia Echikson July 18, 2022 5:39 pm
reprints
Resia, formerly known as AHS Residential, landed $60.3 million for an affordable housing project in South Miami-Dade County, property records show.
The funding, from PNC Bank, will go towards building Resia Old Cutler, a 400-unit garden-style housing development.
A total of 390 units will be made available to those earning 140 percent of the county’s Area Median Income (AMI) and another five units will be donated to Miami-Dade County Homeless Trust, according to Resia.
The project broke ground at the end of the second quarter of 2022 and is expected to be delivered in the third quarter of 2023.
The Miami-based developer paid $4.5 million for the 17-acre lot, per records. It’s located at the southern end of Miami-Dade County at 10650 W Old Cutler Road, which faces the Ronald Reagan Turnpike in Goulds, Fla.
The Old Cutler development is yet another example of developers going to the far corner of the county thanks to skyrocketing land prices and rental rates in Miami.
For Resia, the Old Cutler project will mark its fifteenth development. The firm has the goal of delivering 8,000 new apartments annually by 2025. In West Palm Beach, it’s building a similar housing development after securing $37.5 million last year.
Julia Echikson can be reached at jechikson@commercialobserver.com.
