Affordable Housing Boom: Lewis Swezy Unveils Senior Living Project Near Miami Transit Hub
Miami's Affordable Housing Market Gains Momentum with Transit-Oriented Development
In a significant move to address Miami-Dade County's persistent affordable housing shortage, veteran developer Lewis Swezy is advancing plans for an 80-unit age-restricted apartment complex strategically positioned near the Earlington Heights Metrorail station. The project represents a growing trend among developers capitalizing on government incentives and transit-oriented locations to create housing solutions for Miami's most vulnerable populations.
Swezy's Miami Lakes-based Centennial Management recently submitted an application to Miami-Dade County for administrative site plan review of the six-story building, tentatively named Earlington Court Affordable Housing. The development will rise on a 0.7-acre parcel at 4052 Northwest 22nd Avenue in an unincorporated area of the county that Centennial acquired in 2019 for $875,000.
"Transit-oriented affordable housing creates a dual benefit for residents," explains housing policy expert Maria Sanchez. "Not only do they save on housing costs, but they also gain affordable mobility options that can significantly reduce transportation expenses, which often constitute the second-highest household expenditure after housing."
Project Specifications Target Diverse Income Levels
The Earlington Court development will feature 60 one-bedroom and 20 two-bedroom units exclusively for tenants aged 55 and older whose incomes fall between 30% and 80% of the area median income (AMI), with the majority targeted at the 60% AMI threshold. According to the Florida Housing Finance Corporation, Miami-Dade's current AMI stands at $79,400 annually.
This income restriction means qualifying single residents cannot earn more than $47,700 annually, while two-person households are capped at $54,480. These parameters ensure housing accessibility for seniors on fixed incomes who might otherwise struggle to find affordable accommodations in Miami's increasingly expensive rental market.
Beyond residential units, the project will incorporate:
- 800 square feet of commercial space
- 42 parking spaces
- Rooftop amenities for resident use
- Convenient access to public transportation
Centennial Management's Growing Affordable Housing Portfolio
This project adds to Centennial Management's impressive portfolio of over 3,500 affordable housing units. The company specializes in leveraging state tax credit programs, whereby developers receive tax credits they can sell to investors, using the proceeds to finance construction while maintaining below-market rental rates.
Swezy's commitment to affordable housing development continues with other recent proposals, including an eight-story, 132-unit age-restricted building planned for 13841 Southwest 252nd Street in Miami-Dade's Princeton neighborhood, submitted last summer.
Industry analysts note that Centennial's specialization in affordable housing has proven remarkably resilient against economic headwinds that have stalled many market-rate developments. The combination of tax credits, government financing mechanisms, and guaranteed demand has created a stable business model that appears to be personally rewarding for Swezy, who recently purchased a $14.8 million six-bedroom home on exclusive Fisher Island.
Miami's Affordable Housing Renaissance
Swezy's project emerges amid a flurry of affordable housing initiatives across Miami-Dade County. Developer Michael Swerdlow is advancing an ambitious plan to redevelop five public housing complexes with 5,730 affordable and workforce apartments. The county recently approved this transformative project that will replace existing facilities including Victory Homes, Newberg, Gwen Cherry 22, Gwen Cherry 06, and New Haven Gardens.
Meanwhile, the prominent Pérez family's Related Group is planning an eight-story, 98-unit building in Miami's Flagami neighborhood exclusively for households earning up to 30% of AMI, representing the deepest level of affordability assistance.
"We're witnessing an unprecedented focus on affordable housing development across Miami-Dade," notes urban planning consultant James Rodriguez. "The combination of severe housing need, available public financing, and new state legislation has created fertile ground for developers who specialize in this market segment."
How Florida's Live Local Act Is Transforming Development
Many developers are capitalizing on Florida's Live Local Act, groundbreaking legislation that grants significant advantages to affordable housing projects. The law allows developers to exceed typical zoning limitations and provides valuable property tax reductions.
One notable example is Russell Galbut's GFO Investments family office proposal for a massive 410-unit Live Local Act project featuring 19-story and 16-story buildings in Miami-Dade's Corral Terrace neighborhood. This development, partnered with neonatology specialist Dr. Jorge Perez, will also include a seven-story medical office building.
The Live Local Act represents a paradigm shift in how Florida approaches affordable housing development, reducing regulatory barriers while creating financial incentives that make projects viable despite rising construction costs and interest rates.
Insights: Understanding Miami's Affordable Housing Landscape
Why is affordable housing development continuing while market-rate construction has slowed?
Affordable housing projects utilize specialized financing mechanisms like Low-Income Housing Tax Credits (LIHTC), municipal bonds, and various subsidies that insulate them from interest rate fluctuations. Additionally, demand for affordable units remains extremely high regardless of economic conditions, creating a stable investment opportunity with predictable returns.
How does transit-oriented affordable housing benefit residents beyond cost savings?
Transit-oriented developments like Earlington Court provide residents with access to employment opportunities throughout the metropolitan area without requiring car ownership. This substantially reduces transportation costs while increasing job prospects, particularly beneficial for seniors who may no longer drive. Studies show households in transit-oriented developments save an average of $250-$350 monthly on transportation expenses.
What makes age-restricted affordable housing particularly important in Miami-Dade?
Miami-Dade County has a rapidly aging population, with projections indicating seniors will constitute over 21% of residents by 2030. Many elderly residents live on fixed incomes that haven't kept pace with the region's dramatic housing cost increases. Age-restricted affordable housing provides properly designed accommodations with appropriate amenities and supportive services tailored to senior needs while maintaining affordability.
How does the Live Local Act change the equation for developers?
Florida's Live Local Act creates a powerful toolkit for developers by allowing density bonuses, height increases, and reduced parking requirements for qualifying affordable projects. Perhaps most significantly, it provides property tax exemptions on the affordable units, dramatically improving the long-term financial viability of these developments and making them comparable in profitability to market-rate projects in many instances.
Why are wealthy developers like Lewis Swezy focusing on affordable housing?
While affordable housing development requires specialized knowledge of complex financing mechanisms and regulatory requirements, it offers remarkable stability and consistent returns. The combination of tax benefits, reliable financing, and guaranteed demand creates a sustainable business model that has proven lucrative for developers who master its intricacies, as evidenced by Swezy's continued success and personal wealth accumulation.
