
Sawyer’s Walk, Miami, FL
578 units, New Construction
Block 55 at Sawyer’s Walk is the first ever mixed-use project in Miami’s historic Overtown, it is the largest affordable housing project built in the last ten years. Sawyer’s Walk brings a vibrant, affordable living community to Miami’s senior residents helping to stem the area’s increasing demand for attainable housing. The property is a single 18-story building with 11 floors of residential apartments above seven floors of retail/commercial space and 955 parking spaces. The scope of this project marks a significant milestone for affordable housing spanning 1.4 million square feet of residential and commercial space.
The 578 residential units are 100% affordable, 96% of which are restricted to seniors (62+) and 50% of which are subsidized by project-based Section 8 HAP Contracts. They are reserved for residents ranging from 40% to 80% of the area median income (AMI), with an average affordability restriction of 56% of AMI. The 11 residential floors include 110 studio units, 280 one-bedroom units and 188 two-bedroom units located above the retail and parking podium within the mixed-use building. Of the 578 units, 555 units are designated for seniors (62+) with the remaining 23 units for family use. 266 of the senior units and the 23 family units are supported by a new 20-year project-based Section 8 HAP Contract.
This new construction was financed with construction and permanent tax-exempt bond financing from R4 Capital Funding, LIHTC equity from R4 Capital, and multiple grants from the City of Miami.
Watch a tour of Sawyer’s Walk here!
SeniorFamily
Commercial leases with anchor tenants, Target and Aldi, were responsible for almost 20% of the total revenue that supported the debt servicing as well as served as collateral for the underlying mortgage loan.