Beacon Hill Property Group is building a Live Local Act project in the Princeton neighborhood of Miami-Dade County.
The first project in South Florida to break ground under the state’s Live Local Act is now backed by a construction loan. Apex Group Loan Services New York provided the $17.07 million mortgage to 23815 South Dixie Beacon Hill Property Group is building a Live Local Act project in the Princeton neighborhood of Miami-Dade County.LLC, part of Coral Gables-based Beacon Hill Property Group. It covers the 2.6-acre site at 23815 S. Dixie Highway in the Princeton neighborhood of southern Miami-Dade County.
The developer broke ground on Beacon Hill at Princeton in June. It will have 112 apartments – all of them workforce housing at 120% of area median income – in three stories with 145 surface parking spaces. Coastland Construction is the general contractor.
The fact that Beacon Hill obtained a construction loan for a Live Local Act project is a good sign, as some developers have had a difficult time obtaining financing under the law that was designed to spur workforce housing development. However, it should be noted the loan was not with a traditional bank, but with a private lender.
The law allows developers to bypass local density and height rules to build multifamily on a commercial or industrial site, as long as 40% of the units are workforce housing for people making up to 120% of area median income. The project must be approved by the administration without a public vote.
There’s also a property tax break for workforce housing.
Beacon Hill acquired the property for $2.55 million in 2024.
CTD Architecture designed the project. It will have 41 one-bedroom units and 71 two-bedroom units, ranging from 606 to 905 square feet. Amenities will include a pool and fitness center.
View article: South Florida Business Journal