Integra Investments, the Miami-based real estate investment and development company — through its affordable housing development division, Interurban, LLC — in a joint venture with Elderly Housing Development & Operations Corporation (EHDOC), a national non-profit organization dedicated to developing and managing senior affordable housing, announced today the completion of the 271-unit elderly affordable housing development — Mosaico. The development provides much-needed subsidized housing in the City of Miami amid Miami-Dade’s housing crisis.
Located in Miami’s Allapattah neighborhood at 1396 NW 36th Street, the 13-story new construction building delivers first-rate affordable housing for residents above 62 years of age. The development features 179 one-bedroom units and 92 spacious studio units, including townhome units lining the property’s southern perimeter.
Mosaico has garnered positive support as one of the market’s highest-quality affordable housing properties. Integra Investments and EHDOC worked alongside HUD, Miami-Dade Public Housing & Community Development, the Housing Finance Authority of Miami-Dade County and the City of Miami to unlock Mosaico’s feasibility, construction and permanent financing, culminating in its delivery.
The development was inspired by the desire to provide a long-term affordable housing solution for elderly residents, including those residents relocating from 1809 Brickell, a physically obsolete, 56-year-old property on Brickell Avenue. Integra and EHDOC granted individuals from 1809 Brickell the first-right opportunity to relocate to the brand-new property. To ensure no displacement of 1809 Brickell residents, Integra and EHDOC maintained the living option at 1809 Brickell during construction of Mosaico, guaranteeing a seamless transition for residents.
“We take great pride in thanking EHDOC, Miami-Dade County, City of Miami leaders, and HUD for sharing in the vision of introducing a top-quality housing development for seniors in our community, and are especially grateful for the thoughtful spirit and tireless work of the parties, which provide a shining example of multiple stakeholders coming together to deliver a critically-needed solution to Miami’s housing crisis” said Integra Investments Principal Paulo Melo.
“Mosaico marks our continued commitment to provide premium living opportunities for those in need, with access to transit and everyday conveniences,” added Jake Morrow, who leads Interurban.
Designed by CC Hodgson Architectural Group, which specializes in premium elderly housing, all units feature a contemporary ambience with high-end cabinets, quartz countertops, and stainless steel appliances. Mosaico’s amenities are elevated to meet today’s modern standards, including a large community space for socializing and recreation as well as organized supportive programming, a fitness center, computer lab, library, on-site management offices, and a rooftop community garden.
Its prime location places Mosaico at a central point of connectivity, located two blocks from the Allapattah Metrorail Station and immediately adjacent to a MetroBus stop. Residents are minutes away from Miami’s Health District, the downtown core, Midtown Miami, the Design District, and Miami Beach. Nearby conveniences, grocery stores, a medical center, pharmacy, library and parks are all within walking distance to the property.
The $58 Million development was financed with 4% Low Income Housing Tax Credits (“LIHTC”) issued by Florida Housing Finance Corporation and syndicated by Boston Financial, and a $45.5-million tax exempt bond issuance from the Housing Finance Authority of Miami-Dade County and underwritten by R4 Capital. The development also has HUD project-based voucher subsidy administered by Miami-Dade County Public Housing & Community Development.
“The completion of Mosaico marks another successful endeavor between EHDOC and Integra Investments,” said Melanie Ribeiro, President and CEO of EHDOC. “We are proud to present a new living community in this neighborhood, where residents can socialize and enjoy sweeping views and top-quality residences.”
Integra Investments and EHDOC’s development of Mosaico aligns with their long-term commitment to address affordable and workforce housing shortages in South Florida markets. The companies have joint ventured on additional affordable housing properties, including the Steve Protulis Towers, a two-tower project totaling 119 units in the Brownsville neighborhood, which was delivered in late 2021.
Through its affordable arm Interurban, Integra Investments is undertaking initiatives to support local residents in need of high-quality housing at attainable rents through a long-term commitment to struggling communities. As a prominent player in commercial and residential real estate throughout Florida, Integra Investments is behind notable ventures, including the innovative Aventura ParkSquare mixed-use development in Aventura, Florida; Hallandale Beach’s apartment community ArtSquare; and Bella Vista Apartments in Lauderhill Lakes.