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Nov 5, 2014 South Florida Business Journal

Related Group among five developers seeking $66M in affordable housing bonds

By Brian Bandell

Five developers, including the Related Group of Florida, are asking Miami-Dade County to approve a combined $66.4 million in tax-free bonds to help build their affordable housing projects.

The separate measures will go before the county commission's finance committee on Nov. 10. If they pass, the entire county commission would vote on them.

In the largest project, Lyric Housing requested an $18.5 million bond to build 158 affordable housing units on the northeast corner of Northwest Second Avenue and Northwest Ninth Street. It would be called the Plaza at the Lyric. The developer is a partnership between Miami-based Mount Zion Developments, led by Ralph M. Ross, and Mansfield, Ma.-based Gatehouse Group.

Superior Manor Apartments LLC, which is part of the nonprofit Urban League of Greater Miami, wants a $13.5 million bond to build 139 affordable housing units at 5155 N.W. 24th Ave.

Coconut Grove developer Randy Rieger's AMC HTG I Ltd. applied for a $12.55 million bond to build an 84-unit affordable housing project called Courtside Family Apartments. It would be located at the southeast corner of Northwest Fourth Avenue and Northwest 17th Street, which is on the ground of the Culmer Neighborhood Center.

Related Group affiliate Smathers Phase Two requested $12 million in bonds to construct 130 affordable housing units near Southwest 11th Street and Southwest 30th Avenue. Although Miami-based Related Group is best known for condo development, it got its start in affordable housing.

Finally, River Oak Partners, an affiliate of Hollywood-based Cornerstone, applied for a $9.75 million bond to build 160 affordable housing units at 501 N.W. Fifth Ave. in Florida City.