Dragonfly Investments staged a ground-breaking last week for an affordable housing project on Mundy Street in the West Grove that promises to deliver eight new rental apartments for low- and moderate-income families in a neighborhood experiencing rapid gentrification.
Each three-bedroom apartment will be priced for families earning 80% or less of area median income (80% of AMI is $89,200 for a family of three in Miami-Dade County).
Dragonfly Investments is partnering with the City of Miami to build the $4.4 million Mundy Street project, which is within easy walking distance of an Aldi grocery store, a major bus line and the Metrorail station on Douglas Road.
An architectural rendering of the four apartments planned for 3173 Mundy St. by Dragonfly Investments, which will be attached to the historic 1926 coral rock home on the property today.
(Rendering courtesy of Dragonfly Investments and Arko Architecture)
As part of the development, Dragonfly plans to restore a 1926 coral rock home on one of the project’s two construction sites. The home at 3173 Mundy St. will function as the entrance to four of the apartments, which will be built behind the historic structure.
A few doors away, Dragonfly plans to construct a second building at 3121 Mundy St. with four other apartments. That two-story building will feature a broad veranda with decorative trim, in a nod to the neighborhood’s Bahamian style and culture.
An architectural rendering of the two-story apartment building planned for 3121 Mundy St. by Dragonfly Investments.
(Rendering courtesy of Dragonfly Investments and Arko Architecture)
The Dragonfly project provides a sharp counterpoint to recent development trends in the neighborhood, where large two-story cube homes are replacing modest bungalows, and where two high-rise developments with 795 apartments are coming to Douglas Road.
Miami District 2 Commissioner Damian Pardo highlighted that difference before joining Dragonfly executives at last Wednesday’s event to toss a ceremonial shovel of sand.
“I think for our office it has been a top priority to make sure that we are preserving the character and the identity of our neighborhoods, and that we are accomplishing big goals like affordable housing,” he said.
Amanda De Seta, the head of development at Dragonfly Investments, refers to the 1926 coral rock home at 3173 Mundy St. as the “smurf” house because of its vivid blue coloring.
(Don Finefrock for the Spotlight)
“When you think about affordable housing, you often hear about these major projects with thousands and thousands of units, or hundreds of units, that are being added, and I want to emphasize these (Dragonfly) projects, which are about the neighborhood, with the neighborhood, that maintain the character, the historic qualities, the things that people really care about in the neighborhood,” he added.
The Dragonfly project also represents something of a Hail Mary pass by the city, which was in danger of losing $2 million in federal funding when an earlier plan for a housing project on the block collapsed.
As a for-profit developer, Dragonfly will be required to make the 1,200-square-foot apartments available by lottery to families across Miami-Dade County, according to Amanda De Seta, the company’s head of development.
That has been a sore point for community leaders, who say West Grove residents should have preference, given the development forces that are pushing Black families out of the West Grove.
De Seta acknowledged that concern, saying the company’s intent will be to rent locally, to families that currently live in the Grove or that have been displaced. That intent could be accomplished through targeted marketing, she added.
The eight new apartments on Mundy Street will rent for $1,600 to $2,600 a month, with the final price determined by family size and income, De Seta said.
Dragonfly expects both building to be substantially complete by the end of the year. Neither will have parking. The parking requirement was waived for this project because of its proximity to public transportation. De Seta said the project would not have been feasible logistically without that waiver.
After negotiating the partnership deal in December 2024 with the city, Dragonfly and Arko Architecture on Coral Way completed the design plans and applied for building permits in August of last year.
Although critics of the city’s permitting process – including Mayor Eileen Higgins – describe that process as a lengthy nightmare, De Seta said the Mundy Street project was “surprisingly easy” to permit. She credited Ana Pedraja, an employee in the city’s building department, for helping to move the project forward.
Although final permits for both buildings are still pending, De Seta said she expects to have those permits in hand within weeks.
With construction poised to begin on Mundy Street, De Seta and Dragonfly are making progress on another affordable housing project in the West Grove, in partnership with Greater St. Paul AME Church.
Since celebrating the restoration of twin 1939 cottages on Hibiscus Street in September, Dragonfly has completed two other homes, De Seta said. Six more are planned on William Avenue.
At last week’s event, one of De Seta’s colleagues at Dragonfly pointed to the Mundy Street project as an example of the company’s commitment to affordable housing.
“This project reflects thoughtful development and strong collaboration, paired with our deep commitment to expanding affordable housing opportunities in our city,” said Julie Quittner, the company’s executive vice president.
“We are especially proud to help bring much-needed affordable housing units to the Grove, creating quality housing that remains accessible to Miami residents,” she added.
This story was produced by the Coconut Grove Spotlight, a nonprofit newsroom covering Coconut Grove and Miami City Hall, as part of a content sharing partnership with The Miami Times. Read more at coconutgrovespotlight.com.