Related, Fontainebleau team up for first Hialeah project, a $150M rental community
Hialeah is slated for a 642-unit rental community, thanks to the Related Group and Fontainebleau Development. The $150 million project is the developers’ first in the City of Progress.
Las Carreras will cover 28 acres at 7218 W. Fourth Ave., according to a press release from Related.
Las Carreras will consist of townhouses and 3-story walk-ups. The garden-style community will have a pool deck with a Jacuzzi and cabanas lined up by the resort-style pool. Renters will have access to an amenity-packed club house with a private theater, gym and indoor sauna.
The units will range from a 543-square-foot studio with one bathroom to a 1,217-square-foot three-bedroom unit with two bathrooms, according to a spokesperson for Related. The firm anticipates that asking rents will hover around $2 per square foot, which would translate to prices ranging from around $1,086 per month for a studio to $2,434 per month for a three-bedroom unit.
Construction starts on Monday; the project is slated to be completed by late 2023.
“With Hialeah’s rapid growth in the spotlight, Related and Fontainebleau are helping address the market’s ever-increasing demand for highly amenitized housing with a property that renters and the community at large can be proud of,” said Jon Paul Perez, Related Group’s president. “Las Carreras will contribute to the area’s evolution and help it continuing to live up to its moniker as the City of Progress.”
The developers are targeting young professionals for Las Carreras, according to a spokesperson for the project.
Hialeah is gaining in popularity. According to 2019 U.S. Census figures, Hialeah is home to 223,339 people, making it the sixth-largest city in Florida ranked by population. A handful of developers are betting on the area given its growing population, including Coral Rock Development Group, Shoma Group and Estate Companies.
