Affordable Housing Tower Starts Construction in Miami
The 257-unit project will offer income-restricted rents for residents in downtown Miami once construction finishes in 2028.
Updated on Oct. 15, 2026 in Apartments
Live Poll
Do you support prioritizing high-density, transit-oriented housing developments in your local community?
Construction begins this month on Gallery Lummus Parc, a 257-unit affordable housing development in downtown Miami. The project, which utilizes $129 million in total financing, will dedicate over 80 percent of its units to income-restricted rent.
Why it matters
Securing $129 million in funding for this project marks a major step in expanding affordable inventory within Miami's high-density urban core. By utilizing a mix of tax credits and municipal loans, the development aims to provide income-indexed rental options in a transit-adjacent location.
The $129 million development is funded through multiple sources including $80 million in construction loans and $27.1 million in tax credits. More than 80 percent of the 257 total units will feature rents tied to household income.
The players
Related Urban Development Group
A developer specializing in affordable and market-rate residential projects.
Greystone Real Estate Capital
A financial firm providing commercial lending and construction financing.
Freddie Mac
A government-sponsored enterprise that provides capital and liquidity for the residential mortgage market.
Florida Housing Finance Corporation
A state agency that provides financing for affordable housing development and homeownership programs.
Miami-Dade County
A local government entity that manages land-use zoning and public housing surtax funds.
The details
Located on a 0.7-acre parcel at 101 Northwest North River Drive, the 27-story tower qualifies for high density due to its position within a designated Rapid Transit Zone. The funding stack includes a $60 million permanent mortgage from Freddie Mac, alongside contributions from the Florida Housing Finance Corporation, Miami-Dade County, and federal American Rescue Plan Act funds. These layered financial incentives allow the developer to offer below-market rates for the majority of the residential units.
Timeline
Construction of Gallery Lummus Parc begins in October 2026.
Project construction is expected to conclude in October 2028.
Money Landscape
This project utilizes the Low-Income Housing Tax Credit program, which remains a primary federal vehicle for incentivizing affordable rental construction. The development highlights a shift toward high-density vertical building within transit-served urban zones.
Households seeking affordable rent in downtown Miami should monitor the project's progress toward its 2028 completion date. Once leasing information becomes available, interested residents should consult with a financial professional to determine if their income profile meets the project's eligibility requirements.
The takeaway
Affordable housing projects are often funded through a complex mix of public loans and tax credits that span several years. Renters waiting for new units should keep a watch on local housing authority announcements to learn when application windows for new developments officially open.
Further reading
For more information on housing availability in the area, visit Miami Apartments.
Source note: This article includes information reported by Commercial Observer.
Live Poll
Do you support prioritizing high-density, transit-oriented housing developments in your local community?
