Miami's Housing Commission approves Yaeger Plaza Project budget adjustments

The City of Miami's Housing and Commercial Loan Committee (HCLC) has taken significant steps to advance the Yaeger Plaza Project, approving the continued allocation of $3 million in Miami Forever Bonds to Yaeger Plaza Partners LLC. This mixed-use development, set to rise at 1199 NW 62nd Street, will feature eight floors, including 135 apartments, with 68 units designated as city-assisted housing for families earning between 22% and 80% of the Area Median Income (AMI).

The project, developed by Integral Florida, aims to address the pressing need for affordable housing in the area. The HCLC's recent approval comes after the borrower submitted an updated project budget reflecting a 17% increase due to rising interest expenses and developer fees. Importantly, this adjustment does not affect the city's financial commitment, which remains capped at $3 million.

In addition to approving the budget, the committee consented to allow the borrower to use part of the allocated funds to cover soft costs, including architecture, design, and permit fees. This flexibility aligns with recent trends in developer requests and has received prior approval from the city's bond counsel.

The project's financial structure remains robust, with the city's investment representing only 5% of the total development cost. The HCLC emphasized that the collateralization of the project has not changed since its last review, ensuring that the city's investment is secure. With over half of the units remaining city-assisted, the Yaeger Plaza Project is poised to make a meaningful impact on affordable housing availability in Miami, reinforcing the city's commitment to addressing housing challenges in the community.