Related Urban Development Group has secured a $167.1 million construction financing package from Greystone for Gallery at Lummus Parc, a 257-unit affordable housing development rising at 395 NW First Street in Downtown Miami, with construction already underway.

What is being built at 395 NW First Street in Downtown Miami?

Gallery at Lummus Parc will consist of two high-rise towers at 395 NW First Street, developed by Related Urban Development Group with construction financing totaling $167.1 million arranged by Greystone. The project will deliver 257 residential units and is scheduled for completion in late 2028.

  • Greystone provided both the construction loan and Low-Income Housing Tax Credit (LIHTC) equity for the project.
  • The development sits in Downtown Miami's urban core, adjacent to Lummus Park.

Who will be able to afford to live at Gallery at Lummus Parc?

Approximately 83 percent of Gallery at Lummus Parc's 257 units will carry income or rent restrictions targeting households earning between 20 and 100 percent of the Miami area median income (AMI). The project includes 51 project-based voucher units, which provide rental assistance to the lowest-income residents.

  • Affordability restrictions will apply to roughly 213 of the 257 total units.
  • Project-based vouchers — 51 in total — are typically reserved for households at the lower end of the income spectrum.
  • The remaining units not subject to restrictions will serve market-rate renters.

How does Gallery at Lummus Parc connect to Miami's transit network?

Gallery at Lummus Parc is positioned within walking distance of three major transit hubs that give future residents car-free access to much of Miami-Dade County and beyond. The Government Center Miami-Dade Transit Metrorail and Metromover stations are nearby, as is Brightline's MiamiCentral intercity rail terminal.

  • Government Center Metrorail connects riders north to Hialeah and south to Dadeland South.
  • The Metromover provides free, automated circulation throughout Downtown Miami and Brickell.
  • Brightline's MiamiCentral offers intercity service to Fort Lauderdale, Boca Raton, West Palm Beach, and Orlando.

What does this development mean for Downtown Miami's housing supply?

Gallery at Lummus Parc represents one of the larger affordable housing financing commitments in Downtown Miami in recent years, injecting 257 income-restricted and market-rate units into a neighborhood where land costs have historically made affordable construction difficult. The late-2028 delivery timeline means residents could begin moving in within approximately two years of the financing closing.

  • Related Urban Development Group is the affordable housing arm of Related Companies, one of the largest U.S. real estate developers.
  • The LIHTC equity component of the Greystone deal is a federal tax-credit mechanism widely used to subsidize affordable construction costs.
  • Downtown Miami has seen rapid luxury development in recent years, making income-restricted projects like this comparatively rare.

Original reporting on the financing package was published by GlobeNewswire on behalf of Greystone.