Miami-Dade County Mayor Carlos A. Gimenez and Chairwoman Audrey M. Edmonson host groundbreaking ceremony for Three Round Towers/Brisas del Este

Miami-Dade County Mayor Carlos A. Gimenez and Chairwoman Audrey M. Edmonson will host the groundbreaking ceremony for Three Round Towers B&C/Brisas del Este, an affordable housing development that will encompass three buildings for a combined total of 383 units in the Allapattah area of Miami-Dade County. Joining them as a special guest on this occasion is the Honorable Dr. Benjamin S. Carson, Secretary for the U.S. Department of Housing and Urban Development.

The Three Round Towers development site was originally built in 1970 on approximately 6.98 acres. The overall site includes three towers (Towers A, B and C), a Community Center and parking for the residents. Tower A was substantially renovated in 2018, and the current project will include a major rehabilitation of Towers B and C along with the construction of Brisas del Este, a new affordable housing project comprised of 120 units.

The total development cost for the three buildings is more than $106 million. The layering of financing makes this development the largest of its kind in the nation to utilize Opportunity Zone Funds ($24 million) in combination with other federal and HUD resources, such as Low-Income Housing Tax Credits (LIHTC), Rental Assistance Demonstration funding (RAD), Home Investment Partnerships (HOME), and a Purchase Money Mortgage (PMM) of $18 million from Miami-Dade County to the developer. County and State surtax funds are also involved in the project.

“By fully leveraging multiple financing sources, our County is paving the way more for smart projects that create vital affordable housing for our residents,” Mayor Gimenez said. “Miami-Dade’s public-private partnership with Related Urban Development Group has been a key component leading to the success of this particular project, and I look forward to the County’s continuing wise use of P3’s moving forward.”