New Affordable Housing Project: Coinco Investment Plans 192-Unit Workforce Rental Development in Naranja
Miami-Dade's Housing Crisis Finds Relief in New Naranja Development
In a significant move to address Miami-Dade's ongoing affordable housing shortage, local developer Coinco Investment has unveiled plans for an ambitious new project in Naranja. The proposed Summer Breeze development aims to bring 192 workforce rental units to the rapidly growing South Miami-Dade area, potentially providing much-needed housing options for middle-income families.
According to documents filed with Miami-Dade County in early May 2025, the development will rise on a strategic 4.6-acre parcel located at the southeast corner of U.S. 1 and Southwest 232nd Street. The prime location offers excellent accessibility to major transportation corridors while remaining outside the congested urban core, making it an attractive option for working professionals seeking affordability without sacrificing convenience.
Project Details: Summer Breeze Brings Diverse Housing Options
The proposed Summer Breeze development features an impressive architectural plan consisting of three four-story buildings, creating a substantial residential footprint in the Naranja community. What sets this project apart is its diverse unit mix designed to accommodate various household sizes and needs:
- Studio apartments for single professionals
- One-bedroom units for young couples or small households
- Two-bedroom apartments for growing families
- Three-bedroom options for larger households
Perhaps most significantly, Coinco Investment has committed to designating at least 40% of the units—a minimum of 76 apartments—specifically for households earning no more than 120% of the area median income (AMI). This commitment directly addresses Miami-Dade's critical need for middle-income housing options.
Based on Florida Housing Finance Corporation data, Miami-Dade's current annual AMI stands at $87,200. This means qualifying households can earn up to:
- $104,160 for single-person households
- $118,920 for two-person households
- $133,800 for three-person households
These income thresholds ensure the development serves essential workforce members like teachers, healthcare workers, public safety professionals, and service industry employees who often struggle to find quality housing within financial reach.
Developer Background and Regulatory Process
The project is being spearheaded by entities connected to Miami-based Coinco Investment, led by experienced developer Jose Daccarett. Property records reveal strategic foresight in land acquisition, with related entities 12499 Holdings and 232 Holdings having purchased the three-lot site across two separate transactions in 2015 and 2016 for a combined $739,000—a remarkably prudent investment given Miami-Dade's subsequent land value appreciation.
To move forward with their vision, Coinco has initiated the regulatory process by requesting:
- Rezoning from "minimum apartment house district" to "high density apartment house district"
- A pre-application meeting with Miami-Dade staff—a strategic move allowing the developer to receive valuable feedback before submitting final plans
This approach demonstrates Coinco's commitment to collaborative development that aligns with county objectives while maximizing the site's potential to address housing needs.
South Miami-Dade's Emerging Development Landscape
The Summer Breeze project represents part of a larger trend of developers discovering South Miami-Dade's potential. The region offers compelling advantages that increasingly attract quality development:
- Abundant buildable land compared to Miami's saturated urban core
- More affordable acquisition costs allowing for more reasonable end-user pricing
- Growth potential as infrastructure and amenities continue expanding southward
- Proximity to natural attractions including Biscayne National Park and agricultural areas
Summer Breeze joins several other significant developments reshaping South Miami-Dade's residential landscape. National homebuilding leader D.R. Horton has proposed a major 247-unit mixed residential community featuring 190 townhomes and 57 single-family homes at Southwest 344th Street and 193rd Avenue.
Additional projects contributing to the area's transformation include Canero Group's recently approved 54-unit townhouse development on a 2.7-acre parcel at 27800 Old Dixie Highway in Homestead and Aconcagua's planned eight-story, 162-unit apartment building slated for the northwest corner of Southwest 248th Street and Southwest 128th Avenue in Princeton.
South Miami-Dade: The New Frontier for Sustainable Growth
As Miami's urban core continues facing constraints of limited space and soaring costs, South Miami-Dade emerges as a compelling alternative for sustainable development. The region's relatively untapped potential offers developers the rare opportunity to create communities with thoughtful planning and appropriate density—features often sacrificed in more congested areas.
For residents, developments like Summer Breeze represent not just housing but potential cornerstones of emerging neighborhoods where affordability doesn't require sacrificing quality of life. With strategic planning and continued infrastructure investment, South Miami-Dade is positioned to become a model for balanced growth that preserves accessibility across income levels.
Insights About Miami-Dade's Housing Market
Why is workforce housing so critical in Miami-Dade right now?
Miami-Dade faces one of the nation's most severe affordability crises, with housing costs rising dramatically faster than wages. Workforce housing—defined as units affordable to households earning 60-120% of AMI—fills a crucial gap between subsidized low-income housing and luxury developments that dominate the market. Without middle-income options like Summer Breeze, essential workers find themselves priced out of the communities they serve.
How does the 120% AMI threshold compare to actual housing costs in Miami?
The 120% AMI threshold allows significantly more Miami residents to qualify compared to traditional affordable housing programs that typically cap at 60-80% AMI. With Miami's median home prices exceeding $500,000 and average rents approaching $2,400 monthly, even households earning above the median income struggle with housing costs. The Summer Breeze project's 120% AMI threshold acknowledges this "missing middle" housing crisis.
What makes South Miami-Dade attractive to developers now?
South Miami-Dade offers the rare combination of available land, lower acquisition costs, and proximity to major transportation corridors. As remote work becomes more established, locations further from the downtown core become more viable for residential development. Additionally, climate resilience concerns are driving some development toward slightly higher elevation areas like those found in portions of South Miami-Dade.
How might developments like Summer Breeze impact surrounding property values?
Quality workforce housing typically stabilizes neighborhoods by providing housing for essential workers, reducing commute pressures, and creating sustainable demand for local businesses. Unlike perceptions of traditional affordable housing, workforce developments like Summer Breeze are built to market-rate standards but with pricing structures that maintain affordability for middle-income residents.
