Cymbal DLT has begun leasing at Laguna Gardens, a new garden-style apartment complex in Miami Gardens, Florida, where the developer is using Live Local Act tax credits to provide units at below-market rents.
The 14-acre, 341-unit project at 20775 NW 17th Ave. is expected to be completed next year and help with the region’s need for attainable housing by making use of Florida’s SB 102, known as the Live Local Act, which went into effect July 1.
The Live Local Act is Florida's response to the ongoing affordable housing crisis and provides tax incentives, credits and low-interest loans to developers who dedicate 40%, or a minimum of 71 residences total, for tenants earning at or below 120% of the area median income. The law also overrides certain local zoning and density regulations with the aim of encouraging developers to add more units to their projects.
In Miami-Dade County, the area median income is $74,700. Miami Gardens, a city on the northern edge of the county, is located just under 15 miles north of Miami's urban core.
Developer Cymbal DLT said it has enrolled the entire project into the program and will receive the full extent of the Live Local Act’s tax credits for the project that conforms with existing local zoning and land use regulations. The project was designed by Jo Palma and Partners.
Financing for the project was provided by Related Cos. affiliate Related Fund Management, which provided a $102.5 million construction loan.
Laguna Gardens will offer one-, two- and three-bedroom units with rents starting between $2,000 and $3,000 a month. CoStar data shows that while high-end studio apartments begin renting at $1,955, prices rise significantly from there, with three-bedroom apartments going for as much as $6,820.
“The Live Local Act allows firms like Cymbal DLT to pass on savings to the end user without affecting quality, density, height or expanding the project footprint while meeting the demands of essential members of the community such hospitality works, police, firefighters and more,” Cymbal DLT Chairman Asi Cymbal said in a release.
The Laguna Gardens project is located near Florida's Turnpike and Interstate 95, close to Hard Rock Stadium, home to the Miami Dolphins. The development includes 10 low-rise buildings with a community clubhouse, fitness center, game room, lap pool, barbecue areas, kid's playground, meditation garden and coworking lounge.
