Richman plans senior housing on Allapattah Opportunity Zone property

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August 20, 2020
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As reported in The Real Deal.

The Richman Group is planning a senior housing development in Allapattah.

Richman, a major multifamily developer, is planning a 105-unit building for the site at 2137 Northwest 36th Street, and 3629 and 3645 Northwest 21st Court in Miami, according to MSP Group, which brokered the sale of the 0.7-acre assemblage.

Richman paid $3.8 million for the assemblage, which breaks down to nearly $36,000 per buildable unit.

The property is in a designated Opportunity Zone, which allows investors who develop in any of the 8,700 zones in the country to defer or potentially forgo paying capital gains tax until the end of 2026.

Richman’s site is zoned T6-8-O, allowing for an eight-story building. The Greenwich, Connecticut-based developer was awarded a low income housing tax credit from the Florida Housing Finance Corporation to build the project, according to a release. Corwil Architects is designing the building.

Other developers who are active in Allapattah include Lissette Calderon, Robert Wennett and Moishe Mana.

In June, Calderon’s Neology Life Development Group paid $3.6 million for an assemblage at 1470 Northwest 36th Street, also in an Opportunity Zone. There, she’s planning Allapattah 14, a 237-unit rental building with ground-floor retail space on the site.