LTC 269-2023 Collins Park Artist Workforce Housing Project Update # 5MIAMI BEACH
OFFICE OF THE CITY MANAGER
NO. LTC # LETTER TO COMMISSION
TO: Honorable Mayor Dan Gelber and Members of the City Commission
FROM: Alina T. Hudak, City Manager
DATE: June 15, 2023
SUBJECT: Collins Park Artist Workforce Housing Project Update #5
This Letter to Commission ("LTC") provides an update regarding the Collins Park Artist Workforce
Housing Project (the "Project").
On June 15, 2023, the Project achieved financial closing. Per the Ground Lease Agreement between
the City of Miami Beach ("Lessor") and CFC-MB I, LLC, ("Lessee") as approved by Resolution No. 2023-
32619, the first installment ($850,000) of the City's $5.85 million Lessor Direct Capital Cost Contribution
was disbursed at financial closing for Project expenses.
A Project groundbreaking is anticipated for July 2023 in collaboration with Project partners. The Project
is targeting completion in spring 2025.
The Administration will continue to update the City Commission regarding the Project. Questions
regarding the foregoing may be directed to Rickelle Williams, Assistant City Manager at
rickellewilliams@miamibeachfl_gov.
Rt ] RwIFS/Lw
269-2023