At Miami Beach's new workforce housing, a studio costs nearly $2,400
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The Anamar at Collins Park. Photo: Martin Vassolo/Axios
A new Miami Beach apartment building that received public funds to offer discounted units to artists, teachers and first responders is charging near-market-rate prices.
Why it matters: The Anamar at Collins Park — built on public land with the help of nearly $10 million in city funding — is charging $2,554 for one-bedroom units no larger than 513 square feet.
- The median asking rent for a one-bedroom apartment in Miami Beach is $2,675, but the median living area is 708 square feet, making the Anamar units more expensive per square foot, according to Miami Realtors data.
The big picture: Nonprofit developer Servitas set the rent prices in accordance with Florida Housing Finance Corp. rental limits for workforce housing, city spokesperson Melissa Berthier tells Axios.
- Miami-Dade County defines workforce housing as units reserved for those earning between 60% and 140% of the area median income (AMI), which is about $79,400.
- Miami Beach commissioners set the income cap at the Anamar at 120% of AMI to "ensure financial viability," though it can be adjusted in later years, Berthier says.
- The Anamar's income limits are $95,400 for a single renter, $108,960 for a couple, and $136,200 for a four-person household.
Even at the maximum income limit, a single tenant renting a one-bedroom apartment at the Anamar would be considered cost burdened, with more than 30% of their income going to housing.
- The cheapest rent is $2,385 for studios between 413 and 486 square feet.
Context: A 2023 analysis published by Miami Homes for All found that Miami-Dade faces a shortage of more than 90,000 affordable housing units for renters earning below 80% of AMI.
- Above that range, the housing gap decreases to about 17,000 units.
What they're saying: Trenise Bryant, of the community land trust Struggle for Miami's Affordable and Sustainable Housing (SMASH), tells Axios that teachers and artists won't be able to afford living at the Anamar.
- Bryant, co-executive director of organizing and communications at SMASH, says the new project is essentially market-rate housing — out of reach for low- and medium-income earners.
- "If the government is going to fund workforce housing, it's got to be real workforce housing, meaning real affordable to the people who are working," she added.
The other side: Berthier tells Axios the project is "expected to be attainable for the identified prioritized groups" while providing on-campus housing for Miami City Ballet students and a ground-floor cultural space for public or nonprofit use.
- The 80-unit project is expected to bring in about $120 million over the 50-year lease, with excess cash flow to be paid to the city after covering debt service, operating costs and reserves, Berthier says.
- The city contributed $4 million in cultural bond funds and a $5.85 million loan.
Angel Rivera, executive vice president at Servitas, tells Axios the Anamar is competitive compared to other area complexes that are "either much more expensive or much older."
- He says rents will increase over time, but "at a lower pace than the historic trends in Miami Beach."