PARKVIEW GARDENS
NATIONAL COMMUNITY DEVELOPMENT ASSOCIATION 2013 WINTER CONFERENCE JANUARY 30 - FEBRUARY 1
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George MensahDirector of Community & Economic Development Dept
City of Miami
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Site
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Total site consist of 4 independent folios
3 properties were purchased in October 2002 using HOME funds initially but was replaced with Bond funds
2 properties were purchased in the seventies using Federal Revenue sharing funds. The resolution authorizing the purchase of these properties said it would be used to extend African Square park.
In October 2006, a purchase and sale agreement was entered into with Parkview Gardens, LLC, which was a partnership between Tacolcy Economic Development Corporation, a non-profit community development organization in the community and Carlisle Development Group, a for-profit Tax Credit developer.
Site History
Development HistoryProject started out as a 40 unit townhouse rental developmentReceived Bonds and 4% tax-credits from Florida Housing Finance Corporation in 2006 In November, 2008, the city approved the replacement of Carlisle Group with Carrfour Supportive HousingThe number of units was changed from 40 to 60 unitsConverted the Bonds and 4% Tax-credits to a 9% Tax-credit
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Development History
Permits, zoning approvals, zoning variance, community challenges, OIG investigations took more than 2 yearsGround breaking on Sept 27, 2011Opening Ceremony October 30th, 2012
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Construction Financing
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Lender Amount JP Morgan Chase $ 5,000,000
First Housing $ 3,000,000
Miami Dade County Surtax $ 1,600,000
Equity Investor (Tax Credits) $ 1,836,500
City of Miami (HOME) $ 343,000
Deffered Developer Fee $ 787,000
Total $ 11,779,500
Permanent Financing
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Lender Amount
RBC Capital (Tax-Credit Equity) $ 9,100,000
Miami Dade County Surtax $ 1,600,000
City of Miami (HOME) $ 343,000
Deferred Developer Contribution $ 736,500
Total $ 11,779,500
Project Mix
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Unit Unit Size Unit Count
1 bdrm/1 bath 58820
2 bdrm/2 bath 99820
3 bdrm/2 bath 112220
Total 60
Project Description
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Parkview Gardens consists of
six, three-story residential buildings,
a community center,
and a two-story parking garage.
Amenities
children‘s playground,
exercise room,
computer lab,
library
picnic area.
Income Set-asides
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Maximum resident income 60% AMI
Set-Asides:
6 units at 33% AMI
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Please join us for a ribbon-cutting ceremony in commemoration of our newest affordable housing community, Parkview Gardens. Located in Miami’s Liberty City neighborhood, this two-story development consists of 60
garden-style apartment units which provide permanent and affordable housing for about 200 people.
Tuesday, October 30, 2012 at 10:00am
Parkview Gardens Community Center • 1437 NW 61st Street • Miami, FL 33142
Breakfast and refreshments to be served.
To RSVP, please contact Stephanie Berman at [email protected].