Krea USA has proposed a new affordable condominium project in Miami’s Overtown neighborhood. The development, called The Walker, would bring 55 for-sale units to a five-parcel site at 714-734 Northwest Fourth Avenue and 402 Northwest Eighth Street. The Miami City Commission is expected to review the proposal this week, as reported by the South Florida Business Journal.
The land designated for the project is owned by the Southeast Overtown/Park West Community Redevelopment Agency (CRA), which is chaired by Miami City Commission Chairwoman Christine King. According to public records, the CRA acquired the assemblage last year for $3.5 million.
Mauricio Girault leads Krea USA, which was the only developer to respond to an October request for proposals from the CRA, according to a city memo. The estimated construction cost for The Walker is $21.4 million.
CRAs are typically established by cities and counties to address blight in low-income neighborhoods.
The planned building will feature 45 two-bedroom units and 10 three-bedroom units, along with 70 parking spaces and a fitness center. Eligibility requirements specify that households must earn between 80 percent and 120 percent of Miami-Dade County’s area median income—currently set at $87,200 per year. Monthly costs including mortgage payments, homeowners association fees, and insurance are projected to range from $2,000 to $3,000 per unit.
Other affordable homeownership projects supported by the Overtown CRA include The Quadplex—a three-story building with four units located at 244 Northwest 16th Street—and contributions totaling $23.9 million in Tax Increment Financing toward infrastructure improvements at the $6 billion Miami Worldcenter mixed-use district.
In addition to its work in Overtown, Krea USA is planning other affordable housing developments in Liberty City (Miami), Delray Beach, and Fort Lauderdale. Collectively these projects represent over $400 million in new construction activity across South Florida.
