Related Urban Development Group has secured $167.1 million in financing for Gallery at Lummus Parc, a 257-unit affordable housing project underway along the Miami River. The development is the first phase of a larger, county-owned site redevelopment near downtown Miami. Construction is expected to be completed in 2028.
Key takeaways
- The financing package totals $167.1 million and combines loans, tax-credit equity and public funding.
- About 83 percent of the first phase’s apartments will have income restrictions, with thresholds ranging from 20 to 100 percent of area median income.
- Gallery at Lummus Parc is the first of two planned phases, together comprising 439 homes.
Financing combines public and private sources
Greystone arranged the financing, which includes $27.1 million in equity from 4 percent Low-Income Housing Tax Credits issued by Greystone Real Estate Capital. Greystone Housing Impact Investors and BlackRock Impact Opportunities Fund originated an $80 million construction loan. A separate $60 million fixed-rate permanent loan was secured through forward TEL Freddie Mac financing.
Other sources include an American Rescue Plan Act loan from the city of Miami, equity from a qualified opportunity zone investor, a State Apartment Incentive Loan from Florida Housing Finance Corp., Miami-Dade County surtax funding and deferred developer fees, according to a Miami River Commission document.
First phase delivers income-restricted apartments
The 257-unit tower will offer studio, one-bedroom and two-bedroom apartments. Fifty-one homes are designated for Project-Based Voucher residents, and six are RAD residences. The project is planned for 395 NW First St., west of Interstate 95 and less than two miles from downtown Miami.
Plans also call for a five-level parking structure, coworking areas, a health club and a rooftop swimming pool. An outdoor gym and pickleball court are among the other planned amenities. The site is within walking distance of Miami’s central business district and near parks and recreation areas.
Larger redevelopment has a second phase planned
Gallery at Lummus Parc will anchor the first stage of a 439-unit redevelopment of county-owned property on the Miami River. The planned second phase, Residences at Lummus Parc, is set to add 182 apartments in a high-rise building.
The financing also comes as Florida continues to support affordable housing through its SAIL program. Florida Housing Finance Corp. anticipated allocating $178.5 million in SAIL funding during 2026 for affordable, workforce, special-needs and senior housing. Among projects receiving funding this year is Normandy Cove, a 144-unit affordable development for veterans in Jacksonville, where Housing Trust Group broke ground on its first phase in May.