The platform said the 200-unit project will consist of 174 affordable apartments under Catherine Flon Estates and several buildings with 26 townhouses. What is more, the project will focus on individuals earning not more than $74,700 a year, which accounts for 60% of the area median income.
Principal of Magellan Housing Nick Inamdar noted that the monthly rents for the property will be $1,161 (for one-bedroom unit), $1,393 (for two-bedroom units) and $1,610 (for three-bedroom units). Also, the townhouses will target households earning no more than 120 percent of the area median income.
The project, which has been in the works for more than three years, recently won a city-issued request for proposals to develop the site. In August 2023, Magellan Housing completed a $1.5 million sale. The move comes on the heels of receiving a $2.3 million loan from Royal American Companies to secure the lane and other things needed for the project.
Magellan Housing and Haslem plan to apply for 4 percent low-income housing tax credits to support 30% of the project’s cost.
Catherine Flon Estates, according to The Real Deal, is not the first project by Magellan and Haslem. They recently announced Wynwood Works, a 12-story housing development that will come with 120 mixed-income residential units. The project will target households earning no more than 60 percent of the area median income.
Haslem went into real estate right after retiring from the NBA. In his active days, he amassed career earnings estimated at about $60 million. In 2017, he formed a real estate company called Haslem Housing Venture LLC to promote low-income housing within the Miami-Dade area.