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Miami's New Housing Project: Cadence Takes Shape
In a significant boost for Miami's housing market, 13th Floor Investments and Barings have secured a $125 million construction loan from Santander Bank and TD Bank to bring Cadence to life. This ambitious undertaking aims to build a 35-story, mixed-income apartment tower with 432 units at 3100 Douglas Road, forming part of the broader Link at Douglas mixed-use project adjacent to the Douglas Road Metrorail Station. A noteworthy 12.5% of these apartments will be designated as workforce housing, aligning with the community’s need for affordable living options.
Importance of Workforce Housing in Miami
As Miami continues to grow rapidly, the need for diverse housing options becomes increasingly clear. Workforce housing plays a crucial role in ensuring that working-class individuals and families can afford to live close to their jobs. This development at Cadence not only addresses the growing demand for housing in urban centers but also supports the city’s commitment to inclusivity and sustainable community-building.
A Look Ahead at Miami's Real Estate Landscape
Scheduled for completion by 2027, Cadence is part of a larger development trend in Miami, aimed at enhancing urban living. The first phase of Link at Douglas has already been completed, featuring Core and Cascade buildings that provide hundreds of residential units and retail space. As more mixed-use projects unfold, they pave the way for vibrant neighborhoods that prioritize accessibility and community connection.
Broader Impacts on Miami-Dade’s Economic Growth
The construction of projects like Cadence is being closely watched not only for its housing impact but also for its potential to stimulate the local economy. Investment in infrastructure improvements, such as public plazas and enhanced public transport linkages, promises to further enrich the area, fostering local businesses and creating jobs.
Ongoing Development in the Region
13th Floor continues to play a pivotal role in Miami's real estate scene, with additional multifamily projects in the pipeline. Their active collaboration with various partners, including local government entities, reflects a growing trend where private developers work hand-in-hand with public interests to address housing shortages and urban growth challenges effectively.
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