McDowell Housing Partners has successfully completed the initial phase of Southpointe Vista, a significant affordable housing development located in Goulds, Florida. This milestone marks the delivery of 124 income-restricted apartments, contributing to the growing need for accessible housing options in the Miami-Dade County area. The project aims to provide much-needed housing for residents earning a percentage of the area median income.
Key Takeaways
- The first phase of Southpointe Vista, a $122 million project, has delivered 124 affordable apartments.
- The development is located in Goulds, Florida, approximately 27 miles from downtown Miami.
- Future phases will bring the total unit count to 332, with Phase II construction already underway.
- The project utilizes various funding sources, including private construction notes, local surtax funds, and LIHTC equity.
Southpointe Vista: A Closer Look
The first phase of Southpointe Vista features a 10-story building offering a mix of one- to three-bedroom apartments. These units are designed to serve residents earning 30%, 60%, or 70% of the area median income. The development is strategically situated within walking distance of parks, transit stops, and the Black Creek Trail, enhancing resident convenience and access to recreational activities.
Amenities within the first phase include a community room, a cybercafe, a fitness center, and a rooftop terrace. Additionally, a two-story parking garage with 196 spaces, including 18 electric vehicle charging stations, has been incorporated.
Financing and Future Development
McDowell Housing Partners secured financing for Phase I through a $31 million construction note from Wells Fargo, supplemented by $2.5 million in local surtax funds from Miami-Dade County’s Housing and Community Development Department. Equity from the 9% Low-Income Housing Tax Credit (LIHTC) program was also a crucial component.
Financing for Phase II has also been finalized. This upcoming phase will consist of 208 affordable units within a 12-story building. Construction for Phase II commenced last month, with an expected completion date in the third quarter of 2026. Upon completion of both phases, a pedestrian paseo will connect the two buildings, fostering a cohesive community environment.
Miami’s Affordable Housing Landscape
Southpointe Vista represents McDowell Housing’s inaugural project in Miami-Dade County. The completion of its first phase comes at a time when affordable housing deliveries are projected to increase in the Miami metro area. Reports indicate that approximately 2,400 fully affordable units are expected to be completed in 2025, marking a 3.8% year-over-year increase. Projects like the Brownsville Transit Village are also contributing to this growth, with its fifth phase adding 120 affordable apartments to the market.