The Carlisle Development Group and Carrfour Supportive Housing recently announced the completed renovation and grand opening of The Royalton–a converted historic Miami hotel that will be used for affordable housing for the formerly homeless.

Recently, Carlisle has been aggressive in tackling the City of Miami’s homeless housing dilemma. This remodeled building will add to Miami Mayor Carlos Alvarez’s goal to provide more than $1 billion in homeless housing by the year 2010.

“Housing for the formerly homeless is a new endeavor for Carlisle,” said Matthew S. Greer, chief executive officer, Carlisle Development Group.” But, when you consider the fact that we’re joining forces to help people start their lives over again and saving a historic property at the same time, it’s a win-win for everyone involved.”

Florida Housing Finance Corporation (Florida Housing) provided $921,555 in competitive (9%) Housing Credits, as well as $3 million in State Apartment Incentive Loan (SAIL) program funding. The credits will be awarded annually over a 10-year period, effectively resulting in a total allocation of $9,215,550.

Additional Florida Housing funding was provided through a Predevelopment Loan Program (PLP) loan in the amount of $244,018.

Predevelopment loans may be applied toward costs such as rezoning, soil tests, engineering fees, title searches, appraisals, feasibility analysis, legal fees, audit fees, earnest money deposit, impact fees, insurance fees, commitment fees, administrative costs, marketing expenses and acquisition expenses.

When residents begin moving into the newly restored building, they will reside in a true piece of history.

The development, which was recognized by the National Park Service for restoring The Royalton to its original historic condition, includes open arches, crown molding and poured terrazzo on the first floor to match the original flooring.

The exterior of the building and The Royalton’s common areas, including the lobby, have been restored to historical accuracy and they reflect the hotel’s original grandeur.

Altogether, the building will supply 100 apartments, 80 of which are allocated for the “extremely low income” (ELI) demographic, including residents who are formerly homeless, and 20 apartments for “very low income” (VLI) individuals.

Monthly rents at The Royalton range from $167 to $622, depending on income level. Each apartment comes fully furnished, including a bed, chest of drawers, table, stove, refrigerator, microwave and ceiling fan. Handicap accessible apartments are equipped with roll-in showers, grab bars, and wheelchair-accessible sinks in the kitchen and bath areas.

Supportive services include case management, employment and training services, recovery support, life skills training, financial literacy training, and recreational/social activities.

Residents must abide by several rules, including being drug-free for a minimum of six months prior to moving in, and remaining drug- and alcohol-free while occupying the unit.
However, Carrfour says that this shouldn’t be a problem. In fact, the non-profit boasts a 96 percent independence and self-sufficiency success ratio, which is far higher than the national average.