Related Urban and Miami-Dade County on Tuesday broke ground on The Residences Claude Pepper, a 15-story affordable and workforce housing development that will bring 428 apartments to Miami’s Allapattah neighborhood.
The development, located at 702 N.W. 18th Terrace near Miami’s Medical District, is expected to cost roughly $200 million and is being built on a 99-year ground lease with Miami-Dade County. Project officials said the development is intended to provide housing for working families and individuals with special needs in one of Miami’s fastest-growing areas.
“The Residences Claude Pepper reflects a simple but urgent idea: that the people who keep Miami’s hospitals, schools and essential services running should be able to live near their place of employment,” said Alberto Milo Jr., president of Related Urban, in a press release.
“In Allapattah, adjacent to the Medical District, this 428-unit community delivers long-term housing for working families, seniors and individuals with special needs. It’s about ensuring stability for the previous 166 public housing residents, along with access and dignity,” Milo said.
According to the release, the project will provide 312,992 rentable square feet of housing across 428 units. Of those, 397 apartments will be reserved for households earning between 20% and 80% of the Area Median Income, with a weighted average of about 60% AMI. The development will also include 30 workforce housing units and one staff unit serving households earning up to 120% AMI.
The development will include 83 Link Units designated for individuals with special needs.
Amenities planned for the community include a multipurpose room, fitness center, co-working lab, landscaped courtyard with a swimming pool, barbecue area, tot lot, bike storage, package room and a community center of about 4,400 square feet. Apartment units will feature quartz countertops, luxury vinyl tile flooring, porcelain bathroom tile, Energy Star-rated appliances and in-unit washers and dryers, according to the release.
The project is being financed through a combination of public and private funding sources. According to Related Urban, financing includes $107 million in Florida Housing Multifamily Mortgage Revenue Bonds, approximately $74 million in Low-Income Housing Tax Credit equity from Wells Fargo, a $3 million State Apartment Incentive Loan from the Florida Housing Finance Corporation and a $3 million subordinated sponsor loan from RUDG Investor LLC.
Wells Fargo is also providing a construction loan of up to $127 million and a permanent loan of up to $88.2 million.
Rather than selling the property, Miami-Dade County entered into a 99-year lease agreement with the development team, retaining ownership of the land while supporting long-term affordability, according to the release.
The project is moving forward under Florida’s Live Local Act and is dedicated entirely to affordable, workforce and special-needs housing. Related Urban said the development follows similar projects in its pipeline, including the 350-unit Gallery at SoMi Parc in South Miami.
The Residences Claude Pepper is expected to be completed in the third quarter of 2028.