Related Urban Development Secures $129M for Miami Housing

The affordable housing project will bring 257 units to Downtown Miami near Lummus Park by 2028.

Updated on Oct. 15, 2026 in Apartments

Related Urban Development Secures $129M for Miami Housing

Live Poll

Do you support prioritizing high-density, transit-oriented housing developments in your local community?

Related Urban Development Group has secured $129 million in financing to build the Gallery Lummus Parc project. This 257-unit affordable housing development is set to break ground this month on a 0.7-acre parcel in Downtown Miami.

Why it matters

The project addresses regional housing needs by designating over 80 percent of its units with rents tied to household income. Its high-density design is facilitated by its location within a designated Rapid Transit Zone.

The development features 27 stories of residential space and a five-level garage. Funding includes an $80 million construction loan from Greystone and a $27.1 million allocation through the Low-Income Housing Tax Credit program.

The players

Related Urban Development Group

This real estate firm specializes in developing affordable and mixed-income housing communities across the United States.

Greystone Real Estate Capital

This company provides institutional-grade debt and equity financing for commercial and residential real estate projects.

Florida Housing Finance Corporation

This state agency administers housing programs to increase the availability of affordable homes for Florida residents.

Freddie Mac

This government-sponsored enterprise provides liquidity, stability, and affordability to the national mortgage market.

The details

Located at 101 Northwest North River Drive, the building utilizes a mix of public and private funding, including loans from the Florida Housing Finance Corporation and Miami-Dade County. The site's density is permitted under local zoning laws that prioritize development near public transit hubs.

Construction is scheduled to begin in October 2026.
The project is expected to be completed in October 2028.

Culture Shift

The development leverages the Low-Income Housing Tax Credit program to address the urban shift toward transit-oriented affordability. This model reflects a broader movement to utilize public-private partnerships to increase housing supply in rapidly growing metropolitan centers.

Residents in the Downtown Miami area can expect construction to begin this month on a high-density building near Lummus Park. The completion of these 257 units will increase local affordable housing options for individuals with income-restricted rent needs.

The takeaway

The Gallery Lummus Parc project serves as a model for how high-density urban development can be achieved through a multi-layered capital stack of public and private funds. Residents looking for affordable housing should monitor the official development timeline as the construction phase progresses.