Related and Carlisle Erecting Apartments at Metro Station Site

MIAMI-The Carlisle Group of suburban Coconut Grove, FL and New York-based Related Capital Co. continue an ongoing affordable housing development program with the planned $14 million, eight-story, 208-unit Santa Clara Apartments.

The site is in the city’s strongest affordable housing market, about two miles from Downtown.

Related is providing $12 million of equity investment for the tax credits generated by the apartment complex. Miami-Dade County is expected to contribute another $2 million. Completion is targeted for summer 2003.

The Santa Clara area of Miami already has a waiting list of tenants, city officials confirm. Monthly rents will be $215 to $635 for 625 sf to 1,100 sf of living area.

The project is near Miami’s main medical corridor that comprises Jackson Memorial Hospital, Bascom-Palmer Eye Institute and the University of Miami Medical School.