Related Urban Development Group Secures $167.1 Million for Miami Affordable Housing Project

Related Urban Development Group has secured $167.1 million in construction financing for its Gallery at Lummus Parc project, an affordable housing development located at 395 NW First St. in Miami. The venture, which is already under construction, will feature two towers, measuring 27 and 30 stories, designed by Cohen Freedman Encinosa.

The development is planned in two phases. Phase one will introduce 257 units, offering studio to two-bedroom layouts, with approximately 80 percent designated as affordable housing for households earning 20 to 100 percent of the area median income. This phase will also include 51 Project-Based Voucher apartments and six Rental Assistance Demonstration (RAD) units. Amenities for residents will feature a rooftop swimming pool, a fitness center, and a pickleball court, alongside a five-story parking structure.

Phase two of Gallery at Lummus Parc is slated to add another 182 residences, bringing the total unit count to 439. The first phase is anticipated to be completed by 2028. This significant financing package underscores continued investment in addressing the demand for affordable housing options within the Miami-Dade County market.