Coral Rock Lands $54M to Build Fully Income-Restricted Miami Multifamily Dev

Coral Rock Development Group nabbed a $54 million construction loan for a multifamily development in Miami’s Allapattah neighborhood, where all units will be priced below market rate, the Coral Gables-based developer announced. 

The financing from Citibank will fund the 227-unit Dulce Vida development, which will rise on a 2.3-acre site owned by the City of Miami at 1785 Northwest 35th Street, south of Miami Jackson Senior High School and Florida State Road 112. 

Besides the construction debt, Dulce Vida’s capital stack includes a $15 million loan from the City of Miami’s Miami Forever Affordable Housing Bond, structured as a 30-year loan, as well as a tax credit equity provided by Affordable Housing Partners (AHP). In total, the eight-story project that will break ground next quarter is expected to cost $85 million. 

The development will reserve 40 percent of apartments for households earning up to 60 percent of area median income (AMI), 35 percent for those earning up to 100 percent of AMI, and 25 percent for households earning up to 120 percent of AMI.

The development utilized the Live Local Act, a Florida law first passed in 2023 that grants developers tax breaks and powers to bypass local zoning laws, if more than 40 percent of units are priced as workforce housing.

“Dulce Vida will deliver high-quality apartments with modern amenities that working households can afford, in a location close to Miami’s major job centers,” Michael Wohl, principal of Coral Rock Development Group, said in a statement.

Amenities will include a pool, a fitness center, a meditation room, a communal office, a playground, a dog park and EV charging stations. On the ground floor, Dulce Vida will include a new 8,500-square-foot public library, replacing the current 5,228-square-foot building. 

Julia Echikson can be reached at jechikson@commercialobserver.com.