With demand for high end condo units dwindling, and the commercial market level, the Related Group is shifting its focus to affordable housing units–expecting a 15% return in their investment. Already, the Related Group has negotiated a deal with the County to develop 1000 affordable housing units near the Civic Center.It must be mentioned that these units are priced from $160,000 but the cost for the consumer can run significantly higher. These units aren’t so much affordable as they are more affordable than their high-end counterparts nearer to the Ocean and Bay.
Furthermore, the Civic Center area houses a large Jail Facility and will soon be home to Camillus House. This makes selling these units a bit more challenging. Granted there are desirable factors such as close proximity to the Miami International Airport, Miami River, Metrorail, and Orange Bowl, so it may just balance out for the real estate agents. Still, this tend further marks the stabilization of the high-end condo market and continued densification of Miami as affordable housing typically involves higher unit density than high-end projects.