Just this week, real-estate website WalletHub named Miami and Miami Beach among the ten worst places in America to buy your first home, out of 300 cities surveyed.
While it’s no surprise that the cost of living in Miami is climbing, progress is on the way thanks to a handful of new projects setting out to make the city more affordable by catering to a diverse mix of residents — from the formerly homeless to market rate renters.
Here are three developments challenging the conventional wisdom that Miami’s real estate landscape consists of one untouchable condo after another:
Lotus Village – Miami’s most vulnerable residents will soon get some much-needed relief as Lotus House, the city’s only homeless shelter exclusively serving women and children, gets ready to break ground on a state-of-the-art facility that will increase its capacity from 225 to 490 people. Construction of the project will begin this September, with an anticipated completion date in the fall of 2017.
Lotus Village will replace the shelter’s five existing buildings with a single building set amidst fountains and lush landscaping. Lotus Village will include a holistic wellness center where guests will access primary care and restorative therapies such as massage and acupuncture; a community health clinic; an arts and activity lab; a computer library; a beauty salon; a vegetable garden; a children’s center and daycare; and a kitchen where guests will learn cooking techniques in preparation for independent living and food service careers.
Square Station – Melo Group is planning to bring 710 market-rate rental apartments to Downtown Miami’s Arts and Entertainment district, offering the area’s young professionals an attainable housing option within close proximity to public transit in an increasingly expensive region to live. City Commissioner Francis Suarez recently spoke with Miami Today and commended the Melo Group “for providing a unique and needed product at a quick pace and reasonable cost.”
Brickell View Terrace – Pinnacle Housing Group recently opened Miami’s first mixed-income, mixed-use development adjacent to Mary Brickell Village. This tower has both affordable housing and market-rate units for rent, providing housing to those who are getting priced out of the luxury condo market. Look for additional mixed-income developments to take shape in Miami as market-rate and affordable housing developers get creative in meeting demand.