HomeMy WebLinkAbout6724 Letter_Casa Mia ApartmentslJ P TUR N G R 0 lJ P
Letter of Transmittal
SUBJECT: Casa Mia Apartments LLC Grant Application
TO: Omni CRA: Adam Old FROM: Upturn Group: Natalie Duran
PHONE: 305-815-5100 (Cell) PHONE: 305-877-0337
DATE: October 24, 2019 # OF PAGES: 9
Upturn Group and its principal Casa Mia Apartments LLC are excited to work with the Omni CRA
on the rehabilitation of a 12-unit residential building located in the heart of Overtown. This
apartment building consist of a 5700 SF apartment building with 6 2-bedroom apartments and 6
studio apartments.
The property was acquired by Casa Mia Apartments and plans on working with the Omni CRA
to rehabilitate the project. With this collaborated efforts, Upturn Group plans on continuing to
provide Affordable Housing to the local community.
The property was acquired for approximately $1 million dollars late 2018 and plans on receiving
grant funding from the Omni CRA in the amount of $685,000 +/-. This cost sharing will not only
provide financial flexibility for the principals but it will provide more housing stock in the
Overtown neighborhood.
The Omni CRA will afford the rehabilitation funding to the Developer in return for Affordable
Housing with rents set forth in the rental regulatory agreement and Covenant of 20 years. Once
the apartments are redeveloped; they are to intended to be leased to the existing residents. As
more units become available, they will leased to qualified tenants under Omni CRA criteria.
By working with the Omni CRA, the developer can supply quality homes to the current residents
at affordable rates- helping keep the community and family in their neighborhood.
Warm regards,
Natalio i ran