A newly developed Miami Beach apartment building, The Anamar at Collins Park, has raised concerns after failing to meet its intended goal of providing affordable housing for artists, teachers, and first responders. Despite receiving nearly $10 million in public funding and being built on public land, the rental prices at The Anamar are near-market rates, raising questions about the effectiveness of workforce housing initiatives in the city.
A Pricey ‘Affordable’ Option
The Anamar is charging $2,554 for a one-bedroom unit measuring no more than 513 square feet. In comparison, the median asking rent for a one-bedroom apartment in Miami Beach is $2,675, with an average size of 708 square feet. This makes The Anamar’s per-square-foot rental cost even higher than market rates, according to data from Miami Realtors.
City spokesperson Melissa Berthier stated that the nonprofit developer Servitas determined rent prices in accordance with the Florida Housing Finance Corporation’s rental limits for workforce housing. The county defines workforce housing as units reserved for individuals earning between 60% and 140% of the area median income (AMI), which is currently around $79,400. However, Miami Beach commissioners set The Anamar’s income cap at 120% AMI to “ensure financial viability,” a limit that may be adjusted in the future.
Who Can Afford It?
The Anamar’s income limits allow for single renters earning up to $95,400, couples earning up to $108,960, and four-person households earning up to $136,200. However, even at these maximum income limits, tenants would be considered “cost burdened” under standard affordability guidelines, as they would spend more than 30% of their income on rent.
The lowest rent at The Anamar is $2,385 for a studio ranging between 413 and 486 square feet, a price still out of reach for many lower-income workers.
Miami’s Ongoing Housing Crisis
A 2023 report from Miami Homes for All found that Miami-Dade County has a shortage of more than 90,000 affordable housing units for renters earning below 80% AMI. Above this range, the housing gap decreases to around 17,000 units. Given these figures, The Anamar does little to alleviate the housing crisis for those in greatest need.
Community Concerns
Trenise Bryant, co-executive director of organizing and communications at Struggle for Miami’s Affordable and Sustainable Housing (SMASH), expressed skepticism about The Anamar’s affordability. Bryant argued that the project essentially mirrors market-rate housing and does not truly serve low- and middle-income earners.
“If the government is going to fund workforce housing, it’s got to be real workforce housing—meaning real affordable to the people who are working,” Bryant stated.
City Officials Defend the Project
City officials maintain that The Anamar will provide attainable housing for its targeted demographic while also benefiting Miami City Ballet students with on-campus accommodations. Additionally, the development includes a ground-floor cultural space designated for public or nonprofit use.
The 80-unit project is projected to generate approximately $120 million over the course of its 50-year lease. After covering debt service, operating costs, and reserves, any excess cash flow will be directed to the city. Miami Beach contributed $4 million in cultural bond funds and provided a $5.85 million loan toward the project.
Angel Rivera, executive vice president at Servitas, defended the pricing, claiming that The Anamar remains competitive when compared to other apartment complexes in the area, which are either significantly more expensive or much older. He added that while rents will increase over time, the pace will be slower than the historic trends in Miami Beach.
Conclusion
Despite the city’s investment and its goal of creating workforce housing, The Anamar at Collins Park has been met with criticism for its high rental prices. While city officials argue that the project remains financially viable and competitive, community advocates insist that it fails to address Miami Beach’s ongoing affordability crisis. The discrepancy between the intended affordability of the project and its actual rent prices raises broader concerns about the effectiveness of workforce housing policies and the allocation of public funds in addressing the housing needs of middle- and lower-income residents.
