MIAMI — Hampton Village, a distressed 1950s apartment building in Miami-Dade County, will soon enjoy a new lease on life following its demolition and the construction of a new four-story affordable housing complex on the site, officials say.
The $20 million redevelopment of Hampton Village Apartments by real estate development project manager Landmark Companies, nonprofit affordable housing developer Carrfour Supportive Housing and real estate asset management company Special Asset Support Services, Inc. (S.A.S.S.I.), which began last week, has been made possible by federal stimulus monies allocated at the local level through the U.S.
Department of Housing and Urban Development’s (HUD) Neighborhood Stabilization Program.
The NSP initiative aims to revitalize neighborhoods by renovating and reactivating properties that were foreclosed upon or abandoned during the recession.
The redevelopment of Hampton Village, located at 4301 N.W. 29 Ave., will create 100 newly-redeveloped affordable housing units, providing permanent homes for residents at or below 60 percent of the area’s median income, officials say.
Construction of the project is expected to create about 100 jobs, with completion set for late 2013.
“Landmark is proud to be in partnership with Carrfour Supportive Housing and S.A.S.S.I.,” said Francisco Rojo, vice president of Landmark Companies.
“S.A.S.S.I. presented us with the project concept and we saw how it would enhance the County’s investment in the adjacent Historic Hampton House Museum and Jazz Center.”
HUD’s NSP2 initiative – part of the American Recovery and Reinvestment Act of 2009 – has granted nearly $2 billion to states, local governments, nonprofits and public and or private nonprofit entities on a competitive basis, with the purpose of rehabilitating distressed properties.
Carrfour Supportive Housing was part of a consortium of Miami-Dade County development firms that were granted $89 million in financing through the program.
Hampton Village marks the third NSP-funded project undertaken by Carrfour in Miami. All told, $17 million has been spent by the organization on the acquisition, renovation and redevelopment of three separate properties, with plans to deliver homes for more than 1,000 people over the next two years.
“Hampton Village is a textbook example of how the federal government’s NSP program is breathing new life into communities,” said Stephanie Berman, president of Carrfour Supportive Housing, who added that the effort is not only rebuilding apartments, but also rebuilding lives.
“Once redevelopment of the property is complete, Carrfour will provide on-site services at Hampton Village aimed at putting unemployed residents back to work.”