A new condo investment opportunity is popping up in Miami-Dade County.
A condo development called The Colony has recently received the green light from the county government to go ahead.
According to a news release, the developer has been in negotiations with the county to purchase the property at 1775 East Palm Beach Avenue.
The project will bring more than 200,000 square feet of space to the city of Miami.
According a spokesperson for The Colony, the company’s principal, Michael Bouchard, said the project would be located on the east side of South Miami, at a height of approximately 50 feet.
The developer is expected to complete construction by the end of 2019.
The Colony hopes to have a completed project up and running by 2021.
Miami-Dades County, which is home to a large number of luxury condominiums, is also in the midst of a major housing shortage.
In 2017, the Miami Housing Authority issued an order for new affordable housing in Miami, which has become one of the most expensive areas in the country to rent.
The Colony has a list of three prospective buyers, but the company has not confirmed any of the prospective buyers yet.
The condo project is being financed by Miami-based developer HUB Investors, according to a spokesperson.HUB Investors was founded by former Goldman Sachs executive and philanthropist, John L. Mack.
In January, Mack donated $50 million to the Florida Housing Authority in the hopes of increasing housing for low- and moderate-income residents in Miami.