HomeMy WebLinkAboutCRA-R-25-0030 Exhibit A 2025-05-22,tlisi
Omni
C R A
INTER -OFFICE MEMORANDUM
Isiaa Jones
Executive Director
TO: Board Chair Damian Pardo and DATE: December 12t", 2024
Members of the CRA Board
FROM: Isiaa Jones SUBJECT: 4/5ths Grant for Uni Tower
Executive Director Project
BACKGROUND:
The Omni Redevelopment District Community Redevelopment Agency ("CRA") is responsible for
carrying out community redevelopment activities and projects within its redevelopment area in
accordance with the CRA Redevelopment Plan ("Plan").
On September 13, 2016, the CRA approved and adopted Resolution No. CRA-R-16-0042,
adopting the City of Miami's procurement ordinance as the process by which any and all services
and goods are procured by the CRA.
UNI 17th Street, LLC ("UNI"), the parent company and sole member of NR Investments 11, LLC
("NR 11"), submitted a grant proposal request to the CRA requesting $2,500,000.00. This funding
is needed to underwrite a portion of the costs for the mixed -use project known as "Uni-Tower"
(the "Project"), located within the Omni CRA boundaries at 70 NE 17th Street, 90 NE 17th Street,
and 1642 NE 1st Avenue, Miami, Florida. The Project consists of ground floor office and retail
space, and approximately 252 units of affordable housing. NR Investments, a for -profit entity, has
a history of successful housing development in Miami -Dade County. UNI assumed all rights,
interests, and obligations of NR 11 under the original Economic Incentive Agreement in April
2021.
Due to circumstances beyond the CRA's or the Developer's control, including a dramatic increase
in construction costs (labor, materials, and supplies), the Developer has been unable to fully fund
the Project and has requested that the CRA provide an additional $2,500,000.00 in grant funding.
JUSTIFICATION:
The initial grant funding for the Project was approved under OMNI CRA Resolution CRA-R-20-
0001. This aligns with the Plan's objective of incentivizing diverse housing options, including
affordable and workforce housing. The Plan also aims to attract downtown workers and enhance
the area's visual appeal to businesses and residents through varied housing options. The Uni-
Tower Project contributes to the CRA's goals of eliminating slum and blight by offering housing
options within the CRA.
The Project has incurred unavoidable cost increases due to high inflation, impacting concrete
costs and delivery, along with other unforeseen issues and design changes required for HUD
compliance and City Code adherence. Additional expenditures were made to enhance the
residential experience, including high -end amenity spaces, a distinctive lobby, high -quality unit
appliances, and other features. Due to rent restrictions, these additional costs cannot be recouped
through increased rent, necessitating further economic support from the Omni CRA. The
requested $2,500,000 will support units restricted at 60%, 80%, and 100% AMI, representing 30%
of the Project.
The request for the additional grant funding is consistent with the original Resolution approved on
April 9, 2020, and with the Plan, and approval of the funding request is recommended.
FUNDING:
The additional grant funding will be a total amount not to exceed amount of $2,500,000.00
allocated from "Grant and Aids" Account No. 10040.920501.883000.0000.00000.