MIAMI GARDENS — Construction is underway on Serenity Gardens, a 153-unit affordable housing community for seniors, marking one of the largest affordable housing starts in Miami Gardens in recent years, Florida YIMBY reported in early August.
The development, rising on land leased from the city of Miami Gardens, will offer studio, one-bedroom and two-bedroom apartments designed for older residents. Completion is expected in late 2028.
The project is a joint effort by SG Holdings and New Urban Development LLC, an affiliate of the Urban League of Greater Miami. Financing is being provided by JPMorgan Chase & Co., with Low-Income Housing Tax Credit equity arranged through Santander and Red Stone Equity Partners, according to the report.
Michael Swerdlow, managing partner of SG Holdings, said in the announcement that developments like Serenity Gardens are essential to helping seniors “age with dignity in safe and beautiful communities.” Oliver L. Gross, chief executive of New Urban Development, said the partnership reflects a shared vision of creating high-quality, affordable housing.
A Response to a Regional Squeeze
The groundbreaking comes as South Florida confronts a persistent affordability crisis that has hit seniors on fixed incomes especially hard. Miami placed last among 182 U.S. cities in a 2026 rental affordability ranking that measured median rent against median household income, underscoring the demand for income-restricted units across the region.
Both development partners bring significant track records to the project. SG Holdings previously developed Sawyer’s Walk, a 578-unit project in Miami’s Overtown neighborhood, while New Urban Development has completed affordable communities including Superior Manor Apartments and the Carrie Meek development, according to Florida YIMBY.
City officials have promoted the use of publicly owned land as one of the few remaining levers to bring down housing costs in built-out sections of Miami-Dade County, where private land prices have made affordable construction difficult to finance without subsidy.
Beyond housing, the developers say the project will generate jobs during the roughly two-year construction period and permanent positions once the community opens. The development team has not yet announced when seniors will be able to join a waiting list for units.
Serenity Gardens joins a broader pipeline of affordable projects moving through Miami Gardens and neighboring cities as local governments lean on tax-credit financing and public-private partnerships to add income-restricted units for the county’s fastest-growing age group.
Leave a Reply