Workforce housing coming to South Miami-Dade near Key Largo, part of $70M project
On the southern edge of Miami-Dade County, a $70 million apartment development was given the green light to bring some discounted housing options for nearby workers.
A 342-apartment development called Card Sound Key Apartments is planned for a 13-acre site at 35800 S. Dixie Highway in Florida City, said developer Michael Wohl, principal of the Coral Gables-based Coral Rock Development Group.
Most of the property sits vacant, except for the Last Chance Bar & Package. The apartments will be in six four-story buildings and there will be a two-story clubhouse with a pool and gym.
Rents for 68 of the apartments will be priced lower for local workers earning 100% of the area median income of $68,300, giving needed housing options to those in Florida City, Homestead or North Key Largo.
READ MORE: Want to stay informed with the Miami Herald’s real estate coverage? Sign up here for RE|source, our free weekly real estate newsletter.
With approvals on hand from Florida City officials, the developer now plans to secure funding to cover 80% of the development from the U.S. Department of Housing and Urban Development. Construction is expected to start during the first quarter of 2024 and finish in 2025.
The new development will contribute to the growing need for more discounted housing for the local workforce, such as nurses, teachers and firefighters. South Florida’s workforce continues to get priced out of the region due to sky-high rents and demand flooding in for already-limited market-rate housing.
Wohl of Coral Rock hopes to attract some of the 1,200 employees working at the Ocean Reef Club, a private club community in North Key Largo with a marina, airport and golf course.
“A lot of people living in South Dade are working in the Northern Keys where there’s very little housing available,” Wohl said. “You (also) have the growing population in South Dade.”
Card Sound Key Apartments will range from a 500-square-foot one-bedroom apartment for $1,500 a month to 1,100-square-foot three-bedroom apartment for $2,700 a month. Those living in one of the discounted rentals will pay a discounted workforce rate for their apartments.
High demand exists for more apartments and discounted housing in Florida City, especially given its proximity to Homestead, said Annie Lord, executive director of Miami Homes for All. The one thing she’d like to see?
“When you look at demand for housing below 80% area median income, it is swamped,” Lord said. “When we look at using public resources, I’m more compelled by bigger deals.”