Cannery Row at Redland Crossing, our planned 112-unit senior housing rental community in the Naranja neighborhood north of Homestead, received $3.5M Miami-Dade Documentary Stamp Surtax Program funding in November. This financing — derived from an additional levy on documents that transfer interests in Florida real property — closes the remaining gap in Rural Neighborhood’s $33M, LIHTC-financed project.
Cannery Row’s 7-story, 1- and 2-BR design located on the South Dade TransitWay Corridor is our first Transportation Oriented Development (TOD) and tallest structure to date. The corridor is 20 miles in length and connects numerous municipalities which represent some of the fastest growing communities in Miami Dade County. Site plan approval and building permits are moving forward toward an expected July 2020 groundbreaking.