$1,000 a month to live in Little Havana? Here’s what you’d get at this new project
More residential living is coming to Little Havana.
The eight-story apartment rental project Buena Vida will deliver 175 units at the corner of 22nd Avenue and Flagler Street. It replaces two single-story retail centers.
Units will range from a 500-square-foot one-bedroom, one-bathroom unit with an asking rent of $1,017 per month to a 1,100-square-foot three-bedroom, three-bathroom unit with an asking rent of $1,410 per month. The Coral Gables-based Coral Rock Development Group is including a gym, dog park, conference center, pool and barbecue area in its project.
The 15,000-square-foot ground floor is anticipated to have different retail and restaurant options, including a medical wellness center.
The project will cater to the workforce housing community, including families and seniors, said Michael Wohl, principal of Coral Rock Development Group.
“We are the most cost-burdened area in the country in terms of renters. This has been exacerbated by two factors,” said Wohl by email. “One is Covid and the second is the migration of new residents from the Northeast and the West coast that has increased pricing on rentals between 10% and 20% year-over-year. This points to the huge need and demand for affordable and workforce housing in the market.”
The demand for affordable and workforce housing continues to grow. Miami-Dade currently needs 160,000 affordable rental units — and 210,000 will be needed by 2030, according to a study commissioned by Miami Homes for All.
Work begins in 2022 on Buena Vida, according to a press release, and it will be completed in 2023.
Coral Rock Development Group has another project in the pipeline, Pura Vida Hialeah. The eight-story, 260-unit project will be completed during the first quarter of 2022.
This story was originally published October 4, 2021 at 3:22 PM.
