The tower was built in 1967 by the Miami-Dade teachers Union. Is located on Biscayne Bay and it is valued at about 10.6 million by the county property appraiser. It was built as a retirement home for educators, but after almost half a century the UTD leaders are saying that retired teachers make too much money to comply with federal income caps on the building’s 200-plus units, leaving them with a building and a responsibility they don’t want. (David Smiley, 2013)
So far the UTD is under negotiations with a still unknown buyer, who signed a letter of intent but no contract, so this makes the sale not guaranteed. The tower was financed on a U.S. Housing and Urban Development mortgage and the beneficiary of a HUD loan remains subject to federal approval.
“At this particular time, even if they change ownership, they have a use agreement and that would restrict the property to be occupied by elderly families with low and moderate income up until 2019, but with HUD consent, the buyer, which can be a “for-profit limited partnership,” can pay off the mortgage early and without penalty subject to HUD approval” said agency spokeswoman Gloria Shanahan.
Once the federal rent protections and regulations expire, the UTD Tower will become a target to redevelopment in one of Miami’s hot neighborhoods: Brickell.
Having lived in Miami for over 20 years and selling real estate for the past 10, I have acquired the experience and know how it takes to help Buyers and Sellers achieve their goals and make sound real estate investments. If you are interested in getting more information about the market or have a question about a particular property give me a call at 786 -853-2333 or email me here. The areas that I specialize in include, Coconut Grove, Coral Gables, The Roads, Brickell, Downtown, Midtown, Miami Shores and Miami Beach.