Housing authorities across the USA are always trying to develop or redevelop new or existing affordable housing. In some cases, these redevelopments are multi-million and even billion dollar real estate deals. In these instances, the redevelopment brings jobs, infrastructure and opportunities to areas that might be economically depressed. Lets examine three of the larger projects taking place in the USA.
- Miami Dade County: Liberty Square Redevelopment: This is one of the largest affordable housing projects taking place in the USA right now. The Miami-Dade County Commission (Florida) unanimously approved the selection of a unit of Miami-based the Related Group for the $307 million redevelopment of the Liberty Square housing project in Miami’s Liberty City. This will be 1,332 new housing units being developed at Liberty Square and 216 units at Lincoln Gardens in nearby Brownsville. Both of these are low income areas with public housing that has become run down. 709 old public housing will be torn down and over 1400 units will replace them. Many of the units will be mixed income and market rate to bring more vibrancy to the community. See more here
- Seattle, Washington: Yesler Terrace Redevelopment: Yesler Terrace is the oldest public housing stock in the city of Seattle. It was built in the 1940s. What is particularly interesting with this property is the location. It is prime real estate close to downtown Seattle in a city with one of the hottest real estate markets in the country. We are talking about 561 aging housing units being replaced.The redevelopment started in 2013 and several buildings have already gone up. Where 561 units once stood, over 5000 will stand in the upcoming years. The Northwest’s largest real estate developer the Vulcan Group has joined this redevelopment and will be working with the Seattle Housing Authority to add market rate and mixed income units to this campus over the next decade. This redevelopment could be be a catalyst for one of the biggest neighborhood changes taking place in the entire USA. Click here for more
- Jordan Downs: Los Angles, California: This massive 1 billion dollar project in L.A. seeks to redevelop one of the city’s most run down public housing communities.
The plan seeks to convert the 700-unit site into a mixed-use, mixed-income neighborhood of 1,410 units with 160,000 square feet retail space, nine acres of green space and a new recreation center.
The plan has been in the works for nearly a decade and was delayed due to funding shortages and the discovery that soil at part of the site was contaminated with lead and other toxins from its past use as a steel factory.