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

Opinions and Advice

Miami Pre-Construction Frequently Asked Questions

by Sep Niakan | May 22, 2017

How much is the fee to have a knowledgeable and licensed Miami real estate broker help me select the right property? How much of my money does developer use during construction? What are the penalties if I decide to cancel my pre-construction...

Opinions and Advice

Comprehensive Guide to Buying a Pre-construction Property or Condo in Miami

by Sep Niakan | May 22, 2017

Why You Need to Read This Miami Pre-construction Condo Guide Miami Pre-Construction Phases How to Negotiate the Best Miami Pre-Construction Deal How to Finance Pre-Construction Property Closing Costs for Pre-Construction...

Lifestyle

Save the Date for these Stellar June Events in Miami

by Sep Niakan | May 20, 2017

With summer here, Miami turns up the heat with the hottest events lining up for the month of June. You can find a new way to spend each day, whether it's catching up on international cinema, going on a food-eating spree, or peering over the...

Real Estate News

Luxury Miami Condo Report : April 2017

by Sep Niakan | May 18, 2017

Miami Luxury Condo Report Overall Market Summary   City and Neighborhood Luxury Condo Reports   Miami Beach Luxury Condo Report South Beach Luxury Condo Report Mid-Beach Luxury Condo Report   Surfside Luxury...