A Bay Harbor Islands developer has locked in a $43 million construction loan to put up a 192-unit apartment complex in West Perrine, stepping squarely into one of Miami-Dade’s most closely watched corridors for new housing. The project, dubbed Perrine Estates, will reserve roughly 12.5 percent of its homes as workforce units and carve out nearly 2,000 square feet of ground-floor retail. The site sits on about 1.47 acres at the corner of Banyan Street and Homestead Avenue, a parcel the developer bought in 2022.
Project financing and layout
According to Florida YIMBY, Perrine Estates LLC, an affiliate of Monceau Realty, secured the $43 million construction loan that will fund the 192-unit build. The report notes that about 12.5 percent of those apartments are slated as workforce housing and that the ground level will feature close to 2,000 square feet of retail space.
Site ownership and county filings
County planning documents and a tentative plat list Perrine Estates LLC as the sole owner of the parcels mapped for the development and name Julien Haccoun of Monceau Realty as the authorized agent. The plat and related filings describe the property as a vacant 1.47-acre tract at the Banyan and Homestead corner and show the land sold for roughly $3.5 million in 2022, according to Miami-Dade County records.
Affordable rules that decide incentives
Miami-Dade guidance defines workforce housing as units aimed at households earning roughly 60 to 140 percent of the area median income. County documents also spell out that Florida’s Live Local Act grants its special entitlements only to projects that “provide a minimum of 40% of its residential units as ‘affordable’ residential units,” locked in by 30-year affordability covenants. Put together, those state and local rules mean a project like Perrine Estates, reserving only about 12.5 percent of its units as workforce housing, falls short of the Live Local Act threshold for automatic entitlements, extra height, or tax incentives. Miami-Dade County outlines the Live Local Act criteria in guidance for permit reviewers.
Where Perrine development is heading
The Perrine neighborhood has been drawing a steady stream of multifamily and affordable housing proposals, and some are already going vertical. Nearby Perrine Village has started construction on additional affordable phases, signaling that this stretch of West Perrine is on developers’ radar. That project and others suggest public-private efforts are reshaping parts of West Perrine and surrounding unincorporated pockets, as reported by the South Florida Business Journal.
What to watch next
With construction financing in place, Perrine Estates is expected to move ahead through permitting and site preparation, steps that will show up in Miami-Dade Regulatory and Economic Resources and Building Department filings. Reporting indicates the developer is not seeking to file Perrine Estates under the Live Local Act, which means the project will proceed without that law’s automatic entitlements or tax breaks unless the affordability mix changes. Florida YIMBY notes the developer has opted against Live Local designation.
Neighbors and local officials will likely keep an eye on permit activity and any future filings for administrative site plan review to see whether Perrine Estates adjusts its unit mix or continues as proposed. We will monitor county records for formal ASPR or building-permit submissions and report updates as they surface.
