Homestead Commons is envisioned as a pinnacle of luxury, modernity, and strategic location in Homestead, Florida. This prestigious condominium development is set to redefine living spaces with its 280 multi-family apartment units, enhanced by additional commercial retail spaces and a versatile event space capable of hosting up to 600 guests.
The project’s overarching goal is to invigorate the surrounding area, augmenting the value of essential community assets such as educational institutions, healthcare facilities, and services for government employees. This ambition aligns with the broader narrative of South Florida’s robust residential market expansion. The development’s proximity to key local institutions and services positions it as an attractive residential choice, anticipated to draw a diverse array of tenants seeking multi-family accommodations.
Currently, the project is in the process of securing approvals from Miami-Dade County, with plans to transform into a landmark 439,868 GSF, 8-story mixed-use development. This development is poised to catalyze significant positive changes within Homestead’s broader community.
Situated at the vital crossroads of NE 15th Street and Old Dixie Highway, Homestead Commons benefits from exceptional accessibility to Homestead’s commercial and service hubs. As of 2020, Homestead reported a population of approximately 68,900, characterized by a youthful median age of 30.8 and a median household income of $50,723. The city’s demographic and economic indicators have shown positive trends, including a population increase of 0.729% and a 6.77% rise in median household income from 2019 to 2020.
Homestead’s economic landscape is bolstered by significant employment drivers such as Florida Power and Light, Homestead Hospital, Wal-Mart, and Home Depot. Additionally, the city boasts a vibrant small business sector that spans a wide range of industries from tourism and hospitality to healthcare, information technology, public administration, education, and retail trade.
The residential component of Homestead Commons will offer a mix of two and three-bedroom units, with the project’s location serving as a key attractor for potential residents. The Sponsor has committed substantial equity to the project, enhancing the likelihood of obtaining necessary entitlements, and approvals from county, state, and regulatory agencies. Construction is slated to begin in 2024, with the project expected to reach completion within 18 months post-groundbreaking. The total projected cost for Homestead Commons stands at approximately $101.106 million, reflecting the Sponsor’s commitment to creating a transformative development for the Homestead community.
