LTC 030-2025 Collins Park Artist Workforce Housing Project Update Construction Status and Leasing Process for The AnamarMIAMI BEACH
OFFICE OF THE CITY MANAGER
LTC# LETTER TO COMMISSION
TO:
FROM:
Honorable Mayor Steven Meiner and Members of the City Commission
Eric Carpenter, City Manager c)f../._ � 11;.c ..
DATE: January 17, 2025
SUBJECT: Collins Park Artist Workforce Housing Project Update:
Construction Status and Leasing Process for The Anamar
The purpose of this Letter to Commission (L TC) is to provide an update on the status of the Collins
Park Artist Workforce Housing Project (the "Project"), including information about the upcoming
leasing process for the workforce housing component, which will be named, The Anamar.
Project Description & Background
In 2021, the Mayor and City Commission approved a Development Agreement and Ground Lease
for the Project, located at 224 23rd Street, previously a City-owned surface parking lot in the Collins Park Cultural District. The purpose of the Project is to increase accessible housing inventory for Miami Beach resident workers.
The ?-story mixed use Project targets workforce housing tenants, i.e. residents employed in Miami
Beach and with household incomes that meet the eligibility criteria established by the U.S. Department of Housing and Urban Development (HUD) and approved for the Project.
The Project will provide:
•Residential Component: 80 workforce housing units, specifically targeting income
eligible artists, educators, City employees, veterans, and other Miami Beach workforcemembers;
•Ballet Dormitory Housing: co-living housing units for the Miami City Ballet dance
education program; and
•Street-Level Activation: retail space for a tenant(s) that supports and/or provides
governmental use or cultural programming and activations for the vibrant Collins Park
Cultural District.
Project Financing
Development was financed through:
•$32 million in tax-exempt bond financing;
•$4 million in Arts and Culture G.O. Bond funds (nonrefundable); and
•$5.85 million interest-free City loan, reimbursable from Project revenue (over approximately
14 years).
Additionally, City of Miami Beach and Miami-Dade County legislative efforts to reduce workforce housing development fees were instrumental in facilitating the financial closing. Once the bond
debt is fully serviced (in approximately 37 years), ownership of the building will revert to the City, ensuring the Project is a long-term community asset.
030-2025