MIAMI – Miami-Dade County Mayor Carlos A. Gimenez and Commissioner Eileen Higgins, together with the Department of Public Housing and Community Development, Related Urban Development Group and SunTrust, will present the unveiling of the River Parc Master Plan and will host a groundbreaking ceremony for Gallery at River Parc, a 150 unit affordable and workforce housing development. Joining them on this occasion is special guest, Ms. Denise Cleveland-Leggett, Region IV Administrator for the U.S. Department of Housing and Urban Development.
Gallery at River Parc will bring amenities including a swimming pool, fitness center, multi-purpose room, and business center. The building lobby will feature an art exhibition space for young and aspiring artists to showcase their work and hosting of other events. Resident offerings will also include the Related-Livly App to deliver a unified digital platform for a best-in-class resident experience, including an integrated package management system. There will be 40 studios, 70 one-bedroom/one-bathroom units and 40 two-bedroom/two-bathroom units, each efficiently designed and featuring their own washer/dryers. It will feature 80-percent workforce and 20-percent affordable housing.
The development is located in Little Havana, across from Marlins Park and within minutes of major employment corridors in Miami’s Health District and Downtown. Related will partner with large employers in the region to help their employees find high-quality, affordably-priced rentals near their work.
“This project is a key example of what can happen when the public and private sectors work together to solve key community issues,” said Albert Milo, President of Related Urban Development Group. “We feel this mixed-income model, and specifically, this 80/20 structure which is a unique approach for South Florida, can effectuate real change in the City’s affordable housing crisis and we hope this will serve as a model for future developments.”
Financing for Gallery at River Parc is being arranged by SunTrust Bank. Justin Ginsberg, Managing Director at SunTrust Commercial Real Estate Agency Lending, Donna Kelce, Senior Vice President at SunTrust Community Capital, and Rebecca M. Cox, Senior Vice President at SunTrust Commercial Real Estate, are the leads on the transaction.
“This innovative project will address the dire need for affordable housing in our City across various income levels. SunTrust is dedicated to building and strengthening the communities we serve, and we believe this project is a testament to that commitment,” said Rebecca M. Cox.
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THE RELATED GROUP
Established in 1979, The Related Group is Florida's leading developer of sophisticated metropolitan living and one of the country's largest real estate conglomerates. Since its inception, the privately held company has built, rehabilitated and managed more than 90,000 condominium, rental and commercial units. The firm is one of the largest Hispanic-owned businesses in the United States with a development portfolio of projects in excess of $15 billion.
The Related Group has earned international status for its visionary designs and development of luxury condominiums, market-rate rentals, mixed-use centers and affordable properties – often in emerging neighborhoods that impact the lives of all demographics. The Related Group has redefined the new cycle of real estate by diversifying both its products and buyers, expanding internationally with projects in Mexico, Argentina, India and Brazil, while sponsoring public art installations that enhance cities’ global culture and streetscapes.
TIME Magazine named Founder, Chairman and CEO of The Related Group, Jorge Pérez, one of top 25 most influential Hispanics in the United States, and he’s made the cover of Forbes twice. Currently, The Related Group has over 70 projects in varying phases of development, led by Chief Operating Officer, Matt Allen, and five division presidents, including Carlos Rosso, President of Related Condominium; Steve Patterson, President of Related Development; Albert Milo, President of Related Urban Development; and Larry Lennon, President of TRG Management.