The Anamar at Collins Park, located at 224 23rd St., is an 80-unit apartment building that was built on public land under the impression that it would be affordable for workers in the City of Miami Beach. However, the units are not exactly being offered at a discount compared to current Miami Beach market rates.
The building's leasing site reveals that studios, which are no more than 486 square feet, start at $2,385, whereas junior one bedrooms, ranging from 481 to 513 square feet, are listed at $2,554 per month. The two-bedroom, one-bath units start at $3,063 and the floor plans range from 695 to 807 square feet.
The $41.7 million development by workforce housing development firm Servitas received a $5.85 million loan from the city and $4 million through the city's cultural bonds program.
According to Zillow Rentals data, the average rent for a studio and one bedroom in Miami Beach are $1,950 and $2,600, respectively. As defined by Miami-Dade County, workforce housing is "housing that is affordable for families whose incomes are within 60 to 140 percent of the county's area median income as reported by the United States Department of Housing and Urban Development and adjusted to family size." The county's area median income (AMI) is $79,400.
The Anamar's maximum income limit is set at 120 percent of the AMI — $95,400 for one person; $108,960 for a couple; $122,520 for three occupants; $136,200 for four-person household; $147,120 for a household of five; $158,040 for six occupants.
In addition to its discounted units, the development will offer dorm rooms for Miami City Ballet students.
Miami social media producer Joel Franco posted a sneak peek of what renters can expect inside the 486 square-foot studio, asking Miamians what they thought about the new project.
"Here's inside the 486 sf studio going for $2,385/month in Miami Beach's new workforce apartments," Franco wrote on X, the platform formerly known as Twitter. "It's a block from the beach and a limited amount of units will have parking in the adjacent garage. There's also an in-unit washer/dryer. Worth it?
Social media users were taken aback by the price for so-called workforce housing.here’s inside the 486 sf studio going for $2,385/month in Miami Beach’s new workforce apartments. It’s a block from the beach and a limited amount of units will have parking in the adjacent garage. There’s also an in-unit washer/dryer
— Joel Franco (@OfficialJoelF) February 11, 2025
Worth it?
🎥: The Anamar at Collins Park pic.twitter.com/NA12XoMUtL
"No, of course it's not worth it," former U.S. Rep. and Senate candidate Debbie Murcarsel-Powell responded. "It's a scam. And, if you fall for it, and start paying for this, it rewards the scammers and feeds into the housing crisis we have in Florida."
Another person quipped, "Straight robbery lol."No, of course it’s not worth it. It’s a scam. And, if you fall for it, and start paying for this, it rewards the scammers and feeds into the housing crisis we have in Florida.
— Debbie Mucarsel-Powell (@DebbieforFL) February 11, 2025
"Workforce, studio, and $2,385/month all being in the same listing is shredding me," a user added.Straight robbery lol
— Woo (@woosupreme_) February 11, 2025
One user pointed out that the unit is nearly the same price as their apartment in Beverly Hills, California.Workforce, studio, and $2385/month all being in the same listing is shredding me
— The Baddest Epileptic (@PercFruit304) February 11, 2025
"I pay $2,400 a month for a 1,100 sq. ft. apartment in Beverly Hills..." the comment reads.
I pay $2,400 a month for a 1,100 sq. ft. apartment in Beverly Hills...
— Nathaniel A. Hooper, J.D. (@NHooper19) February 11, 2025
Although we appreciate your report on our project, there were some inaccuracies and misleading information that we respectfully request you and your editors correct. We have highlighted each part of the report that we are referring to in bold and italics.
The Anamar at Collins Park, located at 224 23rd St., is an 80-unit apartment building that was built on public land under the impression that it would be affordable for workers in the City of Miami Beach. This statement is missing critical information that your readers should have.
- First, the building includes 80 workforce housing units plus an entire floor of dormitory units and shared space for dancers and students of the Miami City Ballet, which is located across the street. The total unit count is 88 units when including the ballet units.
- Second, rent levels (120 percent of area median income) serve an unmet need in Miami Beach. These rents were described transparently in the contract documents and bond documents — all of which are publicly available — and were discussed multiple times at public meetings. Servitas, the developer, has delivered the project on time, on budget, and in accordance with the specifications set forth in the contract documents and bond documents.
- Third, the article correctly notes that the building was "built on public land" but, critically, it fails to mention that the public will receive 100 percent of the excess cash flow from the project. Servitas, the developer, does not own or lease the building and will not receive any excess cash flow from the building. All excess cash flow will go to the City. The City is projected to collect over $100 million over the next 50 years. The City can use some project proceeds to subsidize rent for the Miami City Ballet, eventually allowing the Miami City Ballet to occupy the entire second floor of the building rent-free.
- This project is very different from the traditional development project, in which the developer controls the government property for 99 years and retains all the upside. In this case, the developer received a reduced developer fee that is well below industry standard and is turning the entire project over to the government partner once the debt is paid off. The City will keep the land and the cash flow and will obtain ownership of the building as soon as the debt is paid back.
- This is not accurate.
- The rents are significantly below market rate for new construction in Miami Beach.
- Due to the high cost of construction, developers in Miami Beach are not building apartment rental projects – at any price point. We have not been able to identify a single apartment rental project in Miami Beach since at least 2020. All residential development projects in Miami Beach have been luxury condominium projects, not rentals, and certainly not rent-restricted for the workforce.
- Based on a survey of all active listings on Zillow as of January 25, 2025, the average size of a condominium unit in a Miami Beach building completed on or after 2020 is over 2,000 square feet. The average price is over $5 million.
- Based on a survey of all active listings on Zillow as of January 25, 2025, rents at the Anamar are in-line with market rents for other apartments in the Collins Park area — but every other unit in Collins Park is in a 50- to 90-year-old building (there were 26 active listings as of January 25).
- The Anamar stands apart from the market because no similar project has been constructed in Miami Beach in the last five years. The closest comparable is a project in North Beach that is selling 466-square-foot one-bedroom condo units for $859,000. Assuming a 20 percent downpayment of $171,800, the monthly carrying cost for these 466-square-foot one-bedroom condo units will be over $6,000 per month.
- This is inaccurate.
- As mentioned above, Servitas has no property interest in the Anamar project. They do not own the building or lease the building or participate in cash flows from the building. Servitas built this project as a "fee developer" for the benefit of the public. Servitas did not "receive" $10 million in public funds. All public funds allocated to the Anamar project were used to construct the project, which the City will own and which will generate many millions of dollars for the City of Miami Beach.
- The City contributed 19,750 square feet of public land and invested nearly $10 million to construct a project that the City will own.
- The City's return on investment is nothing short of extraordinary. The City should be lauded for its stewardship of public land and public assets. Miami Beach has emerged as a leader in housing solutions, leveraging public-private partnerships for the long-term benefit of the local community.
- Miami Beach faces a serious affordability crisis. This crisis is being aggravated by the lack of new apartment rental projects in the City. Through innovative projects like the Anamar, the City is adding new units at accessible rents. The City, in partnership with Servitas, has been able to deliver what the private market has been unable to deliver in many years. Miami Beach and Servitas forged a path where the private market could not, and now municipalities across the country are emulating the City's efforts and this project as a blueprint.
—Mike Hernández, senior advisor, LSN Communications
