Related Urban Development Group and Miami-Dade County have successfully completed the fourth phase of the Liberty Square redevelopment in Miami. This significant milestone, known as Serenity at Liberty Square, introduces 193 new affordable housing units to the Liberty City neighborhood, marking a substantial step forward in revitalizing the historic community.
Key Takeaways
- The completion of Serenity at Liberty Square adds 193 affordable housing units, including public housing and workforce housing options.
- This phase brings the total number of completed units at Liberty Square to 793, with public-private investment exceeding $220 million.
- The redevelopment aims to transform the 60-acre site into a vibrant community with 1,800 total units and essential services.
Serenity at Liberty Square Unveiled
The newly completed Serenity at Liberty Square is a three-building, mixed-use project that has been in development for over two years. It offers a diverse range of housing options, with 27 units designated as public housing, 50 as project-based voucher units, and the remainder as affordable and workforce housing. All units are available to households earning at or below 80 percent of the area median income.
This latest phase significantly contributes to the ongoing transformation of the Liberty Square site, originally built in the 1930s as part of President Franklin D. Roosevelt’s New Deal. The comprehensive redevelopment plan for the 60-acre property includes a total of 1,800 new residential units across various income levels, alongside crucial community amenities such as educational facilities, healthcare services, retail spaces, and green areas.
Community Amenities and Investment
Beyond housing, the completed phase also brings vital services to the Liberty City neighborhood. The Jessie Trice Healthcare Center has established a presence, offering medical services to residents. Additionally, the Miami-Dade Chamber of Commerce has opened its headquarters at the property, marking a return to the area where it was founded over 50 years ago.
The development of Serenity at Liberty Square was financed through a combination of loans totaling $47.5 million from the Florida Housing Finance Corp. and Wells Fargo Bank. Further funding was secured through tax-exempt bonds, LIHTC equity, the Florida Housing State Apartment Incentive Loan program, and Miami-Dade County Surtax.
Related Urban’s Broader Impact
This project is part of Related Urban Development’s broader commitment to affordable housing in South Florida. The company is also developing other significant projects in the region, including Lincoln Gardens Elderly, a 77-unit affordable housing development for seniors in the Brownsville neighborhood, and Princeton Landings, a 334-unit mixed-income development in southern Miami-Dade.
The multifamily market in South Florida continues to show resilience, with substantial unit deliveries and stable occupancy rates, indicating ongoing demand and investment in the region’s housing sector.