Developer: Carlisle Development Group,LLC
Architect: Corwil Architects, Inc.
Major Funders: Florida Housing Finance Corp.; Miami-Dade County; city of Miami; First Housing
Carlisle Development Group’s The Beacon is providing a bright future for families in Miami.
This is the first affordable housing development to be built in the historic Overtown neighborhood in more than a decade. The transit-oriented project, which is within walking distance of the Miami Metrorail and minutes from businesses and entertainment, provides 90 one-, two-, and three-bedroom units for residents primarily earning at or less than 60 percent of the area median income (AMI); 10 percent of the units are set aside for residents earning at or less than 33 percent of the AMI.
Financing for the $26 million high-rise, which was completed in April, included a surtax loan from Miami- Dade County and Tax Credit Exchange Program funds from Florida Housing Finance Corp.
The project has a deep focus on education. It is providing 2,900 square feet of ground floor community space for the Center for Empowerment and Education (CE2), which is operated by Urgent, Inc., a nonprofit that has a long history in the neighborhood of positive youth development. Carlisle built out the interior space, furnished the office space and classrooms for free, and charges an annual lease fee of $1 to provide a state-of-the-art facility for the residents. Residents will be able to enroll their children in the after-school program at no charge.
“The Beacon satisfies working families’ need for a healthy, affordable home in a safe environment,” says Carlisle COO Kenneth Naylor.