Miami Condo Market and Lifestyle Updates
Brickell Tower on the Auction Block? Teacher’s Union Close to Selling Property

Brickell Tower on the Auction Block? Teacher’s Union Close to Selling Property

by Sep Niakan | March 18, 2013

Stanley Axlrod UTD Towers

The United Teachers of Dade may soon sell off the Stanley Axlrod UTD Towers, potentially dislocating the current tenants of the low-income housing unit. The not-for-profit teacher’s union is reported to be very close to a deal with an undisclosed buyer who may be on the verge of purchasing the property appraised about over $10.5 million. The tower was originally build in the mid-1960s as a residence for retired educators, but as income for retired teachers has risen over the decades, potential residents are no longer meeting compliance levels for low-income housing.

            Karen Aronowitz, president of the United Teachers of Dade, said, “Since I have come into office, it’s something we’ve been exploring. It’s an old building, and we want to make sure we do what’s in the best interest not only for the tenants of the building but for us as an organization, as well. The market’s gone up and down. We’re making our decisions based on the best offer and information we have at the time.”

            With the building struggling to find tenants, the union is bound to a building that it no longer wants, and a potential multi-million dollar deal that could help it in its mission to provide teachers with professional development. Even with a letter of intent in hand, the sale remains uncertain and the future of the current tenants is also up in the air. Tenants do not receive federal subsidies but are currently protected by a use agreement restricting residency to low-income elderly families, at least until 2019.

            However, the potential for-profit buyer may pay the mortgage off upfront, with governmental approval, and begin redeveloping the neighborhood in the low-inventory area for tenants who typically pay at least $2,500 in rent per month. Is this a smart move for the teacher’s union or an unethical burden placed on the shoulders of the retired, low-income residence of the Axlrod Towers? Share your thoughts in the comments below.

 

Image Credit: Google

Recent posts

Lifestyle

Where to Find the Best Latin and Caribbean Food in Miami?

by Sep Niakan | February 15, 2017

Miami has always been a melting pot of cultures. From the Bahamians that came to work at the Peacock Inn in the 1870s to influx of Cuban immigrants in the 1960s. Miami didn’t just welcome people with open arms, but also embraced their...

Real Estate News

2017 is Going to Be a Renter’s Market for Downtown Miami Condos and Apartments

by Sep Niakan | February 12, 2017

If you thought living in Downtown Miami was a distant dream, think again. 2017 comes bearing great news for those who’ve always wanted to live close to the urban core but couldn’t afford it. You will now be able to rent a Downtown Miami...

Real Estate News

Cité Condo in Miami Edgewater is Now Fannie Mae Approved, 5% Down Payments Are Back

by Sep Niakan | February 12, 2017

If you’ve been eyeing property in Edgewater, I have great news for you. With Edgewater’s Cité condos getting Fannie Mae approved, you could now get in with a lower down payment. Or better still, have reduced monthly payments due...

Real Estate News

Frost Museum of Science Likely Ready to Debut in Downtown Miami this Spring

by Sep Niakan | February 05, 2017

It looks like the Patricia and Phillip Frost Museum of Science has finally got the “spring” back in its step. A quick Google search reveals that the facility aims to open ‘early 2017’, which means it could be ready just in...