MV Launches Affordable Rentals Along Miami’s Ludlam Trail
By Julia Echikson March 14, 2023 6:23 pm
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MV Real Estate Holdings broke ground Tuesday on a senior affordable housing development facing a former railroad spur that’s being converted into a park, the Miami-based developer announced.
The project, called Ludlam Trail Towers, will feature 64 units across two buildings. Located at 2400 S.W. 69th Avenue, just south of Coral Way, the 0.8-acre site sits along Ludlam Trail, an abandoned railroad track. Miami-Dade County is turning the old rail line into a 6.2-mile linear park running from Miami International Airport to the Dadeland Mall, though it’s unclear when redevelopment would get underway.
A pedestrian bridge, part of the public trail, will stretch over Coral Way, connecting the mid-rise residential buildings.
The development is expected to cost $25 million. Centennial Bank provided a $7.5 million construction loan to the developer, and Miami-Dade County funneled an additional $10.5 million. More than half of Miami-Dade funding, $6.5 million, came from the county’s Building Better Communities General Obligation Bond. Another $2 million was provided by the county’s surtax program, and $2 million came from the county’s affordable housing trust fund.
Construction is expected to be completed by the summer of 2024. Monthly rents for a one-bedroom unit will start at $731, equal to 40 percent of the area’s median income.
“Our seniors struggling with rising costs across the board deserve access to safe and affordable housing. I’m excited to see the construction of the Ludlam Trail Towers, which help the seniors of our district live out their golden years with dignity,” Miami-Dade County Commissioner Kevin Cabrera said in a statement.
MV, led by Alex Mantecon and Guillermo D. Vadell, is developing another residential project along Ludlam Trail with Altman Companies and Mattoni Group: a market-rate 312-unit apartment complex at the intersection of Bird Road, which has yet to break ground.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Correction: The project on Bird Road was completed last year. A previous version of the article stated that it has yet to break ground.
