According to The Real Deal, former Miami Heat star Udonis Haslem is partnering with Magellan Housing to create a 200-unit low-income housing complex in North Miami.
According to the platform, the 200-unit project would include 174 affordable apartments under Catherine Flon Estates as well as numerous structures with 26 townhouses. Furthermore, the project will target individuals earning no more than $74,700 per year, or 60% of the region median income.
The monthly rents for the property will be $1,161 (for one-bedroom homes), $1,393 (for two-bedroom units), and $1,610 (for three-bedroom units), according to Magellan Housing Principal Nick Inamdar. In addition, the townhouses will be targeted to households earning no more than 120% of the region median income.
The initiative, which has been in the works for more than three years, recently won a request for proposals issued by the city to develop the land. Magellan Housing closed a $1.5 million sale in August 2023. The move follows the receipt of a $2.3 million loan from Royal American Companies to secure the lane and other project-related items.
Magellan Housing and Haslem want to apply for 4% low-income housing tax credits, which will cover 30% of the project’s costs.
According to The Real Deal, Catherine Flon Estates is not Magellan and Haslem’s first project. Wynwood Works, a 12-story housing building with 120 mixed-income residential units, was recently revealed.The project will focus on households earning less than 60% of the region median income.
After retiring from the NBA, Haslem ventured into real estate. During his active years, he collected a career earnings of over $60 million. In 2017, he founded Haslem Housing Venture LLC to promote low-income housing in the Miami-Dade County area.