MIAMI (CBSMiami) – Soaring rental prices in Miami are forcing many people out of their homes and apartments.
Miami-Dade County along with the Related Group’s, Related Urban Development Group are trying to offer more choices.
The Three Round Towers property on 18th Avenue in Allapattah is not only getting a facelift but hundreds of additional units are being added, all with higher-end finishes.
“That’s part of our Related brand,” said Albert Milo, president of the Related Urban Development Group. “We’re always going to build our projects with the same level of finishes, the same interior design, the same commitment to the arts. We have a lot of artwork throughout the building.”
The lobby is decked out in artwork and modern design.
It’s important to Milo and his team to give those who can’t afford high-end living, the luxuries of how the ‘proverbial’ other half live, especially in a housing crisis of supply and demand.
“It’s important that we continually have incentives and initiatives to increase the supply. Unless you do that, rents will continue to climb,” said Milo.
Barisas del Este is located on the same property as the Three Round Towers project which was built back in 1970. It’s a brand new build with 120 housing units complete with updated décor, cabinetry, stainless appliances, and granite countertops.
There’s even a workout facility and billiards lounge.
Miami-Dade Mayor Daniella Levine Cava, who has worked her entire career to provide affordable housing, said it’s about time.
“That gives us hope and courage that we can truly surmount the challenges, to make sure that we live in a place that people can afford to live”, said Levine Cava.
The total renovation of the Towers and the new construction runs is running about $106 million.
It is a mixed-income property, from subsidized rents to an individual paying no more than $1,400 a month.
John Paul Perez, President of the Related Group, said this is about bringing people together.
“At least trying to do our part, or as much as we can to solve the housing crisis that is going on. Miami can’t continue to grow and leave people behind, so we need to grow together. So we’re doing our part every day to make sure everyone has housing,” he said.
There’s more construction on the property which is projected to be finished in 2024. Towner B is currently undergoing renovations and there is new construction on the north end of the property that will hold several hundred units.
The Related Urban Development Group recently broke ground on another unit on the south end of the property.
In total, there will be 900 units on the Three Round Towers property.
To qualify, anyone from welfare to an individual making $56,000 a year is eligible.