[{"_1":2,"_99":-5,"_100":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6527956,"mediaKeyId","3443909-69bf713fc2c9b79896c2eb0bb267115c","parentId",3443909,"title","Committee OKs up to $800,000 predevelopment loan from prior GOB allocation for Grand Bahamas Place","audioSeconds",1173,"startMs",3251000,"endMs",4424000,"viewUrl","/Search/View?dp=1&key=3443909-69bf713fc2c9b79896c2eb0bb267115c&start=3251&end=4424","thumbnailUrl","https://assets.pipeline.soar.com/3443909-69bf713fc2c9b79896c2eb0bb267115c/thumbnail_3251000.jpg","articleUrl","/articles/6527956/Miami/Miami-Dade-County/Florida/Committee-OKs-up-to-800000-predevelopment-loan-from-prior-GOB-allocation-for-Grand-Bahamas-Place","mediaUrl","https://secure.pipeline.soar.com/6527956-61788bb81014da49f0f0a7dc6142e8c4/orig.mp4?Expires=1773671141&Signature=PPoIx~9X2dYadPj2J6Ic-jIT6NOwioD8DJnMO3ObsVC0Jy1Cs9CX6Sv2Zarvt35Tz4jHgroJllveiW4TAZ-BUcvxaW4Gu42kXeD6CAoJGIrSx~p1cBkSt6nGaoLSB0vC1~gttaRuNqyln6afZLAbBd17uAgTN-fIA-OhlmHLL5JxcTGvM1M2xiK4d5-s9QW51okQZ0wbjsItzUZ7HJ20QCGvGS4IOoAxVnJpxEBjIo2XfFXvKpd1FHC75B6YH69YlzJ5Pt0KEagZpVp8Pf2~~-AOwlwMJopkoJuIpBYessxkgD~SBg2teXQlsU2vfZHOf2btCobCVO2k46PHFj4Ghw__&Key-Pair-Id=KUT5TJCACFTXG","author","City of Miami, FL","date","2025-05-20T08:52:00Z","article","The Housing Commercial Loan Committee voted May 20 to permit up to $800,000 of a previously approved $4,210,000 Miami Forever GOB allocation to be used as a predevelopment loan for Grand Bahamas Place, a mixed‑use homeownership project in Coconut Grove.

Grove Prosperity Partners LLC and development partners Collective Empowerment Group and others described the proposal as a five‑story mixed‑use development composed of approximately 56 micro‑condominium units (40 one‑bedroom and 16 two‑bedroom units), roughly 2,950 square feet of ground‑floor retail and about 4,000 square feet of religious/multi‑purpose space. Under the city’s first‑time homebuyer guidelines the memo states the maximum sale price for units would be up to $451,000 and the units are intended for households earning up to 80% AMI.

Staff said the original $4.21 million GOB allocation, approved Feb. 25, 2025, remains unchanged; the department recommends offering up to $800,000 of that prior allocation as a predevelopment loan to help cover reasonable soft costs. The committee also approved minor adjustments to prior conditions, including extensions to construction benchmarks to account for a lengthier predevelopment and zoning process for a for‑sale project.

Representatives for the sponsor, including Ellen Buckley of Grove Prosperity Partners and Antonio Prado of Collective Empowerment Group, presented a rendering, described community outreach and said they have early buyer interest. Committee members asked questions about sales strategy, buyer financing, and whether other forms of down‑payment assistance could be layered with the project. Staff noted county down‑payment assistance programs may be available for eligible buyers.

The committee adopted the staff recommendation; the vote passed with one committee member recorded as opposed. Staff said loan terms and the original allocation’s terms remain otherwise unchanged, and that staff will work with the sponsor to document the predevelopment loan and adjusted construction benchmarks.","mediaType","Video","parentTitle","City of Miami, FL - Housing and Commercial Loan Committee Regular Meeting - May 20, 2025","oneSentenceSummary","The committee approved using up to $800,000 of a previously approved $4.21 million Miami Forever GOB allocation as a predevelopment loan to Grove Prosperity Partners LLC for Grand Bahamas Place, a 56‑unit micro‑condo homeownership project in Coconut Grove, and extended certain development benchmarks.","taxTitle","Miami, Miami-Dade County, Florida","taxId",2890,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6527961,"Committee authorizes up to $7 million in District 3 GOB and public‑benefit funds for Essence Miami, with equity condition",3799,856000,4655000,"/Search/View?dp=1&key=3443909-69bf713fc2c9b79896c2eb0bb267115c&start=856&end=4655","https://assets.pipeline.soar.com/3443909-69bf713fc2c9b79896c2eb0bb267115c/thumbnail_856000.jpg","/articles/6527961/Miami/Miami-Dade-County/Florida/Committee-authorizes-up-to-7-million-in-District-3-GOB-and-publicbenefit-funds-for-Essence-Miami-with-equity-condition","https://secure.pipeline.soar.com/6527961-cb429a9724c2fd612e5bb04db91b6a48/orig.mp4?Expires=1773671141&Signature=CrfJhoZeAILvao7y41rdHRMgAay2pjkoyIpNHAVevOR9bEPla0r1~A~7xaS-BDNHSdaaVmtnt7xuYP9Mu8mbHOC9Qa2E3qEAxEEjLcDLJbPk5XHrSWkqSW48Royv4Tgs3S3Y4zoGOlyrM4QKK-uVjtVn6nBKVlee0nv8-ElGFMW~1BCnQrfEDosxwv3logQ7iVKPEmXGAF5A5H8nu7ZXOsU7xGemeg0b1Pt3K1Fya7cES-1meqni1MKZmdkIp1YW0N71v~NHOwG0FzkKQ803b7PQt6iLIewY1PpKERQmP1PjVjdwdAHj59NG4j3G4XlZnBQnetinT~VPAQHPsujpuA__&Key-Pair-Id=KUT5TJCACFTXG","The Housing Commercial Loan Committee on May 20 approved a staff recommendation to allocate District 3 Miami Forever general obligation bond (GOB) funds and public‑benefit trust monies totaling $7,000,000 to H Street Properties LLC for the Essence Miami development in Little Havana.

Staff said the allocation consists of $5,390,000 in GOB funds and $1,610,000 in District 3 public‑benefit trust funding, and that the additional award brings total city funds for the project to $12,000,000. Essence Miami is planned as an eight‑story mixed‑use building at 829 Southwest Eighth Street that will contain 88 rental units (57 one‑bedrooms and 31 two‑bedrooms) and roughly 5,090 square feet of commercial space; all 88 units will be designated as city‑assisted and targeted for households earning between 60% and 100% AMI.

The department told the committee that the project’s construction budget increased from about $12,700,000 in 2021 to approximately $27,900,000 in 2025 — a 118% increase — and that the developer attributes the rise to tariffs, supply‑chain disruptions and market inflation. Permanent financing shown in the packet lists an $18,300,000 first mortgage from Ocean Bank, the city contribution in second position, and $2,000,000 in county surtax funds in third. The project is also expected to include roughly $4,800,000 of owner equity and $1,150,000 in deferred developer fee.

Developer representatives and counsel answered detailed questions from committee members about construction pricing, guaranteed maximum price (GMP) contracts and the size of the developer’s equity contribution. Committee members and staff identified a discrepancy between earlier and current budget tables for developer equity; the committee asked the developer to confirm final equity numbers. The developer and counsel said they would work with staff to reconcile the figures.

To close the item, the committee approved a motion authorizing the department to approve the requested up to $7,000,000 in additional city funding, with a conditional representation that the developer should make a minimum equity contribution of about $6,100,000 (as reflected in the earlier memo) and that staff and the developer will reconcile final numbers prior to closing. The committee voted in favor of the motion; staff and the developer said they expect construction to begin once lender consents and permits are obtained and the capital stack is finalized.","The committee approved up to $5.39 million in Miami Forever GOB funds and $1.61 million in public‑benefit trust funds for the Essence Miami project in Little Havana, bringing total city funding to $12 million; the committee asked staff to secure a minimum developer equity contribution of about $6.1 million.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6527966,"Committee approves $1.1 million CDBG loan for Villa Aurora water‑intrusion repairs",650,190000,840000,"/Search/View?dp=1&key=3443909-69bf713fc2c9b79896c2eb0bb267115c&start=190&end=840","https://assets.pipeline.soar.com/3443909-69bf713fc2c9b79896c2eb0bb267115c/thumbnail_190000.jpg","/articles/6527966/Miami/Miami-Dade-County/Florida/Committee-approves-11-million-CDBG-loan-for-Villa-Aurora-waterintrusion-repairs","https://secure.pipeline.soar.com/6527966-96e42f98719ae97548fafdfdd84298ec/orig.mp4?Expires=1773671141&Signature=Y3~aISzyRM93ozVn5QXX9B4byTkEF5ZSi-kpIm~03e94TgD5n4kK~S61sn6gA~m-FIY5j1oKDjj12PtKrzyFMwa2tApC11yzYc8J-qqsyNr2kpHuv-8-7QdhNqZ~W~sSKeqCy0Hox4Wi42DJ4Sm5ikg6oA71l3o6ijj7OX8cvvn9sTjpBDSEKSrlXHreIsQuYRhSykhX1vw6jQKzvyrn0cjKEfg1cCv8RbhnzYH-CdkdSucD6hK~Mxp00lMOfEyP~Tnd3ycYuxh6uFr6WVNXCEYYBdx2hYf8wyNxOjsHL2d7KsZbbxHcIphD~yQJx331cHPxr6-hwAVON7-q8GGCaA__&Key-Pair-Id=KUT5TJCACFTXG","The City of Miami Housing Commercial Loan Committee on May 20 approved a recommendation to allocate up to $1,100,000 in Community Development Block Grant (CDBG) funds to the Villa Aurora rehabilitation project at 1398 Southwest First Street in East Little Havana.

The funding will be provided as a deferred‑interest loan to the borrower for the duration of a 30‑year affordability period, staff said. Villa Aurora is a 12‑story mixed‑use building with 76 units; 39 units are reserved for formerly homeless families and 37 are for low‑income families and elderly households at or below 60% of area median income (AMI).

The allocation responds to cost increases since the project’s initial rehabilitation scope. The Housing Department told the committee that an earlier $800,000 CDBG allocation approved on Sept. 26, 2023, covered a portion of exterior repairs. Rising material prices and a higher construction bid to account for Davis‑Bacon wages increased the total rehabilitation budget to roughly $1,480,000. The proposed financing combines the city’s up to $1,100,000 loan with approximately $377,492 in building reserves, staff said.

Staff presented a lien and financing priority schedule for the property, which the materials list as: a state sale loan of roughly $3,000,000 in first position, county supportive‑housing debt of roughly $1,300,000 in subsequent positions, the city’s original HOME loan of $646,000 in a later position, and a $50,000 note from Enterprise. The city’s new CDBG rehab loan would be provided behind those liens as structured in the memo. Staff also reported the city’s loan cost per unit would be $14,473.68 based on the proposed allocation.

Stephanie Berman, identified as president of Carrefour Supportive Housing, and Salvatore Russo, vice president of property operations, answered committee questions about insurance, latent construction defects and the scope of repairs. Committee members asked whether adding city funds would extend the property’s affordability term; staff confirmed that the additional funding would result in a new 30‑year affordability period tied to the loan.

Committee members also asked the department to tighten the wording of a default‑interest provision (item 21 of the staff memo) so borrowers and partners clearly understand the applicable rate in the event of default. The committee’s motion approved allocation of up to $1,100,000 in CDBG funds to the Villa Aurora rehabilitation and asked staff to revise the default‑interest language. The motion passed with no member recorded as opposed.","The City of Miami Housing Commercial Loan Committee approved up to $1,100,000 in Community Development Block Grant funds for exterior and water‑intrusion rehabilitation at Villa Aurora, preserving 76 city‑assisted units under a 30‑year affordability term and with loan terms to be clarified on default interest language.","actionData","errors"]

Article not found

Committee OKs up to $800,000 predevelopment loan from prior GOB allocation for Grand Bahamas Place

Committee authorizes up to $7 million in District 3 GOB and public‑benefit funds for Essence Miami, with equity condition

Committee approves $1.1 million CDBG loan for Villa Aurora water‑intrusion repairs