AV monogram ADOLFO VALENCIA
← Selected Work / 02 · Solace Commons
Solace Commons — aerial view of the full mid-rise and courtyard parking
Solace Commons — street-facing front elevation
Solace Commons — angled side view from the corner
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Naranja, FL · Affordable Mid-Rise · 2026

Solace
Commons

26598 SW 139th Ave — a 335-unit affordable mid-rise on a 2.05-acre parcel beside Naranja Park, modeled against real zoning, LIHTC financing, and south Miami-Dade context.

Location
Naranja, FL
Program
Affordable Mid-Rise
Scale
8 Stories
Capital
4% LIHTC
Overview

A 335-unit affordable mid-rise on a 2.05-acre parcel in Naranja, unincorporated south Miami-Dade, beside Naranja Park and the Miami Douglas MacArthur South high school.

The TestFit study stacks eight residential floors (80 ft, FAR 3.44, 163.8 du/ac) over a 401-stall structured-parking podium, with a unit mix of 37% one-bed, 48% two-bed, and 14% three-bed at an average 754 SF — all restricted to 60% AMI.

The capital stack is a 4% LIHTC structure: ~$54M of tax-credit equity and a ~$33M soft-capital stack (FHFC SAIL, Naranja Lakes CRA, HOME, NHTF, SHIP) against a $138.6M total development cost.

Residential Units335
Avg Unit Size754 SF
Site Area2.05 ac
Parking401 stalls
Total Dev. Cost$138.6M
Cost / Unit$414K
By the Numbers

Development Metrics

Architecture
89,298
Site Area
SF · 2.05 ac
455,916
GFA
SF gross
3.44
FAR
built
80
Height
FT · 8 stories
62%
Coverage
building
401
Parking
structured podium
Program
335
Units
all affordable
754
Avg Unit
SF
164
Density
du / acre
60%
AMI Cap
restricted
100%
Residential
of program
1.20
Parking Ratio
per unit
Sources of Funds % of $138.6M TDC
LIHTC Equity39%
Permanent Debt37%
Soft Capital24%
4% LIHTC Equity~$54M · 39% Permanent Debt~$51.6M · 37% Soft Capital~$33M · SAIL · CRA · HOME · 24%
Financial
$138.6M
TDC
total dev. cost
$304
Cost / GSF
all-in
$414K
Cost / Unit
per door
2.3%
Yield on Cost
NOI / TDC
~$54M
Tax-Credit Equity
4% LIHTC
~$33M
Soft Capital
SAIL · CRA · HOME
Unit Mix

335 Units at 60% AMI

One-Bedroom
37% · ~124 units
Compact units for singles and couples.
Two-Bedroom
48% · ~161 units
The plurality of the program — small families.
Three-Bedroom
14% · ~47 units
Larger family units, all at 60% AMI.

See the rest of the work

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With Neal Hamilton & Jake Weiss · MRED, University of Miami