HomeMy WebLinkAboutExhibit 2Exhibit B
Proposed Development
The proposed development on the site will be called Osprey Apartments. The proposed
Osprey Apartments will consist of approximately 4,000 square feet of commercial space,
47,000 square feet of residential and 123 covered parking spaces for 50 units. Carrfour
will be purchasing the adjacent parcel at 1620 NW 54th Street to enable them to build the
project.
The unit mix will be as follows:
13 1 bd/1 bath
13 2 bd/2 bath
13 3 bd/2 bath
11 4 bd/4 bath
700 Sq Ft
850 Sq Ft
1,050 Sq Ft
1,200 Sq. Ft.
Hundred percent of the units will be reserved for residents with incomes below or equal
sixty percent (60%) of area median income adjusted for family size.
Financing Structure
Carrfour estimated the total development cost of the project to be approximately $18
million of which they expect approximately $11 million to be from equity financing
through the State's Housing Tax Credit Program and the rest will be from the county's
surtax program and private financing.
Carrfour has been successful in recent years in obtaining tax credits for its projects. They
currently have two tax credit projects in development in the City of Miami, Village
Aurora and Royalton Apartments.