Miami-Dade Welcomes Its First Dedicated Workforce Housing Project: Beacon Hill at Princeton

In a significant development for housing in Miami-Dade, Beacon Hill Property Group is set to launch its pioneering project, Beacon Hill at Princeton, marking the first fully dedicated workforce housing initiative under the Live Local Act.

Project Overview

• Location: 23815 S. Dixie Highway, Homestead
• Start Date: Groundbreaking is scheduled for June 6, 2023.
• Construction Timeline: Anticipated completion by the end of 2026.
• Units: 112 residential units
  • 41 one-bedroom units (621 SF to 914 SF)
  • 71 two-bedroom units (621 SF to 914 SF)
• Amenities:
  • 1,120 SF of retail space including a gym
  • A community room
  • 145 parking spaces

Commitment to Workforce Housing

“Beacon Hill at Princeton will provide high-quality housing for working families and represents our broader mission to develop 1,500 workforce housing units throughout Florida over the next five years,” stated Matthew Martinez, President of Beacon Hill Property Group. He emphasized the commitment to uphold the dignity of every family by providing them a place they can proudly call home.

Competitive Rental Prices

The projected rents for the units at Beacon Hill at Princeton will be:

• One-bedroom units: $1,700 – $1,900
• Two-bedroom units: $2,100 – $2,300

In comparison, the average rent for an apartment in Homestead currently stands at $2,005, according to RentCafe data from April 2023.

Background and Development Process

Beacon Hill Property Group acquired the development site for nearly $2 million in 2022 with an initial plan for 109 units. The project has evolved to align with the Live Local Act, which offers various incentives aimed at mitigating Florida’s affordable housing crisis.

The Live Local Act: A Game Changer

The Live Local Act, established to combat housing affordability issues, provides:

• Tax Benefits:
  • 75% property tax exemption for units rented to those earning up to 120% of the area median income (AMI)
  • 100% exemption for units at 80% AMI
• Reduced Parking Requirements: Easing the burden on developers and communities
• Streamlined Approval Processes: Reducing local government control over zoning, thereby facilitating faster project approvals.

These measures are designed to support growing communities and ensure diverse housing options are available.

Local Impacts and Future Prospects

In April, Miami-Dade approved its very first project under this act, a 236-unit building developed by Bindor at 5950 Sunset Drive.

As the 2025 legislative session approaches, proposals for further enhancing the Live Local Act are being considered, including:

• Stronger state preemption over local regulations
• Expanded project areas
• Looser rules regarding historic district demolitions

Conclusion

The arrival of Beacon Hill at Princeton signals a bold step forward in addressing Miami-Dade’s housing challenges. This project not only exemplifies a commitment to workforce housing but also serves as an important catalyst for ongoing legislative efforts aimed at improving the housing landscape throughout Florida.

For more detailed insights into Florida’s housing initiatives, visit Florida YIMBY and The Real Deal.