This post was written by Diana Firtea and published on 7/20/2023 on multihousingnews.com
The 227-unit property will come online in 2024.
Sol Vista topped out. Credit: Smith Aerial Photos.
A joint venture between MRK Partners and Cypress Equity Investments has topped out Sol Vista, a 227-unit age-restricted and affordable development in Cutler Bay, Fla. ANF Group serves as the project’s general constructor.
Partnering with the Housing Finance Authority of Miami-Dade County, the Florida Housing Finance Corporation, R4 Capital and R4 Capital Funding, the co-developers broke ground on Sol Vista this year.
Upon its expected completion in 2024, the community will serve residents aged 62 and over, earning at or below 60 percent of the area median income. Due to a new regulatory agreement on the property, the affordability of Sol Vista will be preserved for more than 30 years.
The eight-story building will incorporate mainly one-bedroom apartments. Common-area amenities will include a fitness center, a community room, gathering spaces, an outdoor patio, surveillance cameras, controlled access, electric charging stations and a three-story parking garage. The units will feature washers and dryers, energy-efficient appliances and balconies or patios.
Located at 11251 Caribbean Blvd. in Miami’s Cutler Bay submarket, the development is close to an abundance of dining options and retail centers. The site is near Route 1, which provides direct access to downtown Miami. Southland Mall, Miami Zoo and Jackson South Medical Center are 4 miles away.