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Miami Herald
19-05-2025
- Business
- Miami Herald
A mortgage blacklist, Surfside ‘mansions' and other Miami real estate trends
Real Estate News A mortgage blacklist, Surfside 'mansions' and other Miami real estate trends Miami real estate in 2025 is marked by affordability challenges and key shifts in housing options. While rents have eased slightly, the city remains one of the least affordable rental markets, with median incomes falling short of what's needed to pay typical rent. Condo owners face new hurdles as hundreds of buildings land on secret mortgage blacklists, driven by stricter post-Surfside safety rules and soaring insurance costs. Developers are responding with both ultra-luxury condos like The Delmore, planned for the former Surfside collapse site, and new workforce housing projects such as The Era in Fort Lauderdale, aimed at first responders and city employees. These trends reveal a housing market grappling with rising costs, evolving regulations, and significant gaps in affordability for many Miamians. A rendering shows plans for The Delmore, an ultra-luxury condo building with units starting at $15 million, at the site of the 2021 condo collapse at 8777 Collins Ave. in Surfside. NO. 1: 'MANSIONS' PLANNED AT SURFSIDE COLLAPSE SITE. DO DEVELOPERS 'HOPE PEOPLE FORGET' TRAGEDY? 'They can pull out all their bells and whistles ... It doesn't change the fact that their entire site is a graveyard,' said a former town commissioner. | Published January 28, 2025 | Read Full Story by Aaron Leibowitz A view of a resurgent Northeast Second Avenue in the heart of Miami's Overtown neighborhood in April 2021, with the Plaza at the Lyric apartments at left and a Red Rooster restaurant in the background at right. By Pedro Portal NO. 2: RENTERS ARE PAYING LESS FOR APARTMENTS IN MIAMI, BUT THERE ARE ISSUES. SEE THE COSTS Here's a look at housing costs and ways to navigate the crisis. | Published March 14, 2025 | Read Full Story by Howard Cohen The Era, Affiliated Development's latest project, is currently under construction in Fort Lauderdale. The apartment building is meant to help address the area's lack of affordable workforce housing. NO. 3: NEW FORT LAUDERDALE APARTMENT WILL OFFER 'LUXURY' AFFORDABLE HOUSING TO CITY'S WORKFORCE The ongoing development efforts come as an affordable housing crisis continues embroiling South Florida, where residents are the most rent-burdened people in the country. | Published March 25, 2025 | Read Full Story by Amanda Rosa Condos line the Intracoastal Waterway in Sunny Isles Beach. By MATIAS J. OCNER NO. 4: 'PERFECT STORM.' HUNDREDS OF SOUTH FLORIDA CONDOS NOW ON SECRET MORTGAGE BLACKLIST The number of Miami-Dade, Broward and Palm Beach condos on the list has more than doubled in just two years. | Published April 4, 2025 | Read Full Story by Andres Viglucci The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories listed were reported, written and edited by McClatchy journalists.
Miami Herald
13-05-2025
- Business
- Miami Herald
See these five housing makeovers in South Florida
Real Estate News See these five housing makeovers in South Florida South Florida's housing landscape is rapidly evolving, with several ambitious makeovers aiming to address affordability and urban growth. In Miami's Health District, plans for two new residential towers will prioritize affordable and workforce housing for healthcare employees, helping ease the burden of living near vital jobs. Hollywood's downtown sees a mix of luxury projects like Soleste Hollywood Blvd and the redevelopment of the Hollywood Bread Building, while efforts like University Station try to bridge the residential income gap. Fort Lauderdale's The Era targets local workers, offering upscale amenities at lower rents thanks to city-county partnerships and incentives. In Miami's Little River-Little Haiti, an enlarged $3 billion redevelopment promises thousands of affordable and workforce condos and rental units, improved infrastructure, and careful relocation plans for current residents, reshaping the neighborhood with jobs and transit access. Soleste Hollywood Blvd at 2001 Hollywood Blvd is pictured hovering among existing buildings on Sunday, Sept. 15, 2024, in Hollywood, Florida, as the city shores up its housing needs with development in its downtown area in an attempt to address the city's affordable housing needs. By Carl Juste NO. 1: EVEN AS HOLLYWOOD BUILDS MORE APARTMENTS DOWNTOWN, AFFORDABILITY REMAINS A CONCERN A look at what is coming and why it might not be enough to ease housing pressure | Published October 4, 2024 | Read Full Story by Raisa Habersham View from Red Road side of the 25 year old Shops at Sunset Place in South Miami on Sept. 11, 2024. By Pedro Portal NO. 2: SUNSET PLACE MALL WILL BE DEMOLISHED AND REPLACED. TAKE A LOOK AT WHAT'S COMING NEXT Work on the site is expected to begin in 2026. | Published October 29, 2024 | Read Full Story by Rebecca San Juan An aerial view of Jackson Medical Towers, at 1500 NW 12th Avenue in Miami, Florida on Jan. 2, 2025. The Public Health Trust of Jackson Health System has approved a deal with Related Urban to demolish two existing towers, known as Jackson Medical Towers, and construct affordable workforce housing and an extended stay hotel. By AL DIAZ NO. 3: CAN THESE TOWERS HELP AN AFFORDABLE HOUSING CRISIS IN MIAMI? TAKE A LOOK AT THE PLANS The complex includes hundreds of rentals and a hotel. | Published January 10, 2025 | Read Full Story by Michelle Marchante Rebecca San Juan Renderings from the Swerdlow Group show a Main Street-style commercial and residential district and the entrance to a new Tri-Rail commuter station that would be built under a massive proposal that aims to transform a broad swath of Miami's Little River-Little Haiti neighborhood. NO. 4: NOW WITH MORE AFFORDABLE HOUSING, MASSIVE MAKEOVER PLAN FOR LITTLE RIVER WINS APPROVAL 'Everyone for 20 blocks in every direction is going to gain a lot from this. It's going to be very good for everybody,' the developer says. | Published March 28, 2025 | Read Full Story by Andres Viglucci The Era, Affiliated Development's latest project, is currently under construction in Fort Lauderdale. The apartment building is meant to help address the area's lack of affordable workforce housing. NO. 5: NEW FORT LAUDERDALE APARTMENT WILL OFFER 'LUXURY' AFFORDABLE HOUSING TO CITY'S WORKFORCE The ongoing development efforts come as an affordable housing crisis continues embroiling South Florida, where residents are the most rent-burdened people in the country. | Published March 25, 2025 | Read Full Story by Amanda Rosa The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories listed were reported, written and edited by McClatchy journalists.
Miami Herald
24-04-2025
- Business
- Miami Herald
Will these housing trends change the South Florida skyline? Take a look
Real Estate News Will these housing trends change the South Florida skyline? Take a look Rising housing costs and changing buyer demands are transforming South Florida's skyline. This list of stories outlines condo buyouts sparked by new reserve requirements, like those facing Solaris at Brickell Bay, and relentless developer interest in oceanfront property. Developers are creating upscale workforce housing like The Era in Fort Lauderdale to attract local workers, while giant projects like Upland Park aim to blend homes with transit and shopping in previously overlooked neighborhoods. Community groups, such as PACT, are pushing leaders for lasting relief from soaring rents and more affordable options, highlighting the people behind the headlines. From luxury restructurings to grassroots calls for justice, these articles trace the high-stakes forces shaping where and how South Floridians will live next. The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories below were reported, written and edited by McClatchy journalists. North Bay Village, junto a la bahía y muy cerca de la playa de Miami Beach, recibe proyectos residenciales de lujo, que aumentan precios inmobilarios. Un programa de vivienda de la ciudad ayuda a los residentes y trabajadores esenciales a comprar condos, alquilar o pagar servicios públicos atrasados. By MATIAS J. OCNER NO. 1: IS YOUR CONDO RIPE FOR A BUYOUT? SEVEN SIGNS THAT DEVELOPERS MIGHT TARGET YOUR BUILDING The Miami Herald spoke with three real estate experts who weighed in on the telltale signs a condominium is ripe for redevelopment. | Published October 4, 2024 | Read Full Story by Rebecca San Juan A rendering shows the location of Upland Park, a self-contained community of 2,000 apartments, offices, shops, a hotel and a school planned for two separate, publicly owned properties at the intersection of the Florida Turnpike and State Road 836 in Sweetwater in west Miami-Dade County. The portion at bottom right is the site of the Dolphin Station park and ride. NO. 2: CAN A BIG 'TRANSIT COMMUNITY' AT A WEST MIAMI-DADE BUS STATION EASE TRAFFIC WOES? 'It's sort of, if you build it, they will come.' | Published January 22, 2025 | Read Full Story by Andres Viglucci Condo owners Gil Hall pose next to his wife Elizabeth CZerny in their home in Solaris at Brickell Bay in Miami on Tuesday January 21st., 2025. Story: Developers are trying to buy out all the units, seemingly so Ken Griffin can redevelop the building as part of a project for Citadel's HQ in the area. By Alexia Foderé NO. 3: CONDO OWNERS NEXT TO CITADEL'S PLANNED MIAMI HQ REJECT 'CHEAPSKATE' BUYOUT OFFERS Griffin, a billionaire hedge-fund manager bringing his company headquarters to Miami, has been mum about his intentions for the Solaris condo building. | Published January 23, 2025 | Read Full Story by Aaron Leibowitz The Era, Affiliated Development's latest project, is currently under construction in Fort Lauderdale. The apartment building is meant to help address the area's lack of affordable workforce housing. NO. 4: NEW FORT LAUDERDALE APARTMENT WILL OFFER 'LUXURY' AFFORDABLE HOUSING TO CITY'S WORKFORCE The ongoing development efforts come as an affordable housing crisis continues embroiling South Florida, where residents are the most rent-burdened people in the country. | Published March 25, 2025 | Read Full Story by Amanda Rosa Attendees listen to Mayor Daniella Levine Cava make a pledge to the community during the PACT Nehemiah Action Assembly on Monday, April 7, 2025, at Sweet Home Missionary Baptist Church in Cutler Bay, Fla. By Alie Skowronski NO. 5: 'RENT IS TOO DAMN HIGH.' INTERFAITH GROUP DEMANDS ACTION FROM MIAMI-DADE LEADERS One of Miami-Dade's most politically engaged interfaith groups held their annual assembly to press elected leaders to make housing more affordable and reducing evictions in Miami-Dade County. | Published April 9, 2025 | Read Full Story by Lauren Costantino This report was produced with the help of AI tools, which summarized previous stories reported and written by McClatchy journalists. It was edited by journalists in our News division.
Miami Herald
25-03-2025
- Business
- Miami Herald
New Fort Lauderdale apartment will offer ‘luxury' affordable housing to city's workforce
First responders and local government employees will get first dibs on a new 'luxury' workforce housing development that recently broke ground in Fort Lauderdale. Affiliated Development, a South Florida-based firm that specializes in public-private partnerships, announced last week it began construction on The Era, an 8-story multifamily apartment building located on South Andrews Avenue between SW 21st Street and SW 22nd Street. The building, backed by tax incentives, will be completed in 2027, said Nick Rojo, an Affiliated co-founder. The Era will dedicate over half of its 400 units for workforce housing residents earning between 80% and 120% of the area median income. Unit prices will vary depending on residents' incomes, Rojo said. The lowest rates will be about $700 below market rate; the highest will be about $400 below market rate. Prospective residents can apply for units closer to The Era's completion, with preference given to first responders and local government workers. The Era is situated close to the county's largest employers, namely Broward Health, the federal courthouse, Port Everglades, the Fort Lauderdale/Hollywood International Airport, the Broward County Convention Center and downtown Fort Lauderdale. 'It'll give them the opportunity to live where they serve, so to speak, and have a nice apartment,' Rojo said. Construction began after Affiliated secured tax incentives from the City of Fort Lauderdale and Broward County along with a $80 million first mortgage from the Bank of Montreal, an equity investment from Affiliated Housing Impact Fund, LP and several private family offices. The City of Fort Lauderdale agreed to reimburse 100% of the city taxes Affiliated pays for 15 years. Broward County agreed to a 30-year deal to reimburse about half of the taxes, or $5.5 million. Developments like The Era are 'impossible' without public support, Rojo said, adding that the revenue made back from reimbursements is what allows The Era to provide its upscale amenities while keeping rates low. Residents will have access to a parking garage, co-working space, bike-share program, coffee bar, fitness center, sauna, cold plunge, mini golf, dog park and a roof top observation deck with views of downtown. The Era is being built by Fort Lauderdale-based general contractor Moss and Associated and was designed by architecture firm A+R. 'Our goal is to create a living experience that is the same as any other luxury, class-A apartment building. You have all the features and amenities you'd otherwise have at a market-rate building. And the way we accomplish that is through incentives,' Rojo said. 'You can't do what we're doing without participation from the city, the state or the county. It doesn't work.' Local government officials are celebrating the partnership as a way to help address the area's housing calamity. 'At a time where the cost of living is making housing less affordable for many of our residents, government and the private sector must come together to undertake creative solutions,' Fort Lauderdale Mayor Dean Trantalis said in a statement. 'As mayor, I am excited to collaborate with Affiliated Development to bring high-end attainably priced housing to the south portion of our downtown.' Affiliated is behind several similar developments in the region, including Tropic Hollywood, where half of its 200 units will be for workforce housing and The Spruce in West Palm Beach, where 43% of its 270 units will be for workforce housing. The ongoing development efforts come as an affordable housing crisis continues embroiling South Florida, where residents are the most rent-burdened people in the country. More than three-quarters of South Floridians struggle to pay for usual household expenses, according to the Census Bureau's Household Pulse Survey. Last year, the Sun Sentinel reported, Broward County approved a 10-year plan to create housing to address an estimated shortage of nearly 73,000 affordable houses and 74,000 rental apartments countywide. 'There's an incredible need for these types of projects, and unfortunately, it just requires a lot of work and public support,' Rojo said. 'These deals are are to put together, it's hard to make the numbers work, but I'm glad Broward County and the City of Fort Lauderdale have recognized this is a problem and are doing what they can to help fix it.'
