The City of Miami Housing Commercial Loan Committee approved an allocation of $4,848,080 in Miami Forever bonds to Gallery at Wagner Creek LLC for the development of Gallery at Wagner Creek, a 460-unit mixed-income residential project near Jackson Memorial Metrorail Station.

John Quaid, assistant director of the City's Department of Housing and Community Development, presented the staff recommendation and described the financing terms and affordability commitments. "The project, as presented, will consist of a 27‑story tower with a total of 460 housing units," Quaid said, and noted that 70 of those units will be city‑assisted, including 35 set aside for special‑needs households and subject to referrals by a state‑approved agency. Quaid said the requested Miami Forever bond funds would bridge a financing gap in a project with an estimated total cost of about $193,863,000.

Albert Milo, president of Related Urban and a principal on the project team, told the committee Related Urban has experience developing affordable housing in Miami‑Dade and that the project includes a mix of incomes from 30% to 120% area median income (AMI). "We have a lot of employers, and the city of Miami is one of them, where you're facing a challenge recruiting and retaining employees," Milo said, describing a preference the project will apply for hospital employees under a recent change in Florida law that allows such preferences for hospital staff.

Staff described loan terms that include principal repayments starting the first year after project closeout at 1% interest for 30 years, an affordability period of not less than 30 years from city project closeout, and development benchmarks that place construction commencement within six months of the effective contract date, certificates of occupancy within 30 months of construction start, and full rental of units within 12 months after final occupancy but no later than 42 months after the effective date. Quaid told the committee the borrower has secured other financing sources, including tax credit equity, construction lending and awards from the Florida Housing Finance Corporation, JPMorgan Chase, Truist Bank and SAIL funds; staff and the developer said the project also received about $22 million in state funding.

Committee members asked about permitting and traffic and about parking strategy given the project's transit‑oriented location. Milo said the project is in site‑plan approval and expects construction drawings to take several months after site‑plan finalization; he also said the project is adjacent to the MetroRail station and that parking will be managed, charged and in part treated as commercial garage revenue handled in partnership with the parking authority.

The committee carried a motion to approve the staff recommendation; the record shows a voice vote in favor and no members voiced opposition. The development team told the committee construction is planned to begin late next year and invited members to a site tour scheduled for Nov. 7.

The allocation and loan terms will be finalized in contract documents and are subject to the usual closing conditions and any future subordinate financing requests the city may consider under city policy.