Ora Development Group and Conconcreto Land $43 Million Construction Loan for 192-Unit Palmetto Bay Workforce Housing Project
PALMETTO BAY, Fla. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $43 million in construction financing for Lyra Palmetto Bay, a planned 192-unit, eight-story multifamily development in Palmetto Bay, Florida. Pearlmark provided the construction loan on behalf of a joint-venture sponsor group comprising Ora Development Group and Conconcreto, a publicly traded construction services and development company headquartered in Medellin, Colombia.
Deal Structure and Sponsorship
Marko Kazanjian, senior managing director in Marcus & Millichap's Fort Lauderdale office, arranged the financing. The $43 million construction loan supports a 274,063-square-foot development at 17210 Homestead Avenue, with construction having begun in July 2026 and delivery targeted for December 2027.
The project is being developed pursuant to Florida's Live Local Act, a state policy framework that provides density and entitlement flexibility to developers who reserve a portion of units as affordable rentals. Lyra Palmetto Bay is designed to serve renters earning between 80% and 120% of area median income, positioning it as a workforce-oriented rental community.
"Lyra Palmetto Bay represents the type of thoughtfully designed, transit-oriented housing that Miami-Dade needs as affordability pressures continue to push middle-income renters farther from the urban core," Kazanjian said. "The project combines a highly amenitized residential experience with compelling public-sector incentives, strong South Dade demand fundamentals and an experienced sponsorship team, positioning it to deliver much-needed attainable housing while creating a durable financing opportunity."
Project Details: Units, Amenities, and Transit Access
Lyra Palmetto Bay will rise eight stories and contain 192 residential units ranging from one to three bedrooms across 274,063 square feet. Planned amenities include a rooftop pool, gym, basketball and pickleball courts, elevators, meeting rooms, and a 224-space parking garage.
The site at 17210 Homestead Avenue is located adjacent to the South Dade TransitWay, a dedicated 20-mile bus rapid transit corridor connecting Homestead to Dadeland. Residents will have access to a nearby station with connections to Metrorail at Dadeland Station, providing direct links to downtown Miami, Brickell, and the broader urban core.
Live Local Act and Miami-Dade Affordability Context
Florida's Live Local Act has emerged as a significant development tool across Miami-Dade County, enabling projects that meet affordability thresholds to access density bonuses and streamlined entitlements. Miami-Dade County guidelines require qualifying projects to reserve at least 40% of units as affordable rentals for 30 years, a commitment that helps underpin the financing rationale for workforce housing deals.
Miami-Dade's affordability pressures have intensified in recent years, with middle-income renters increasingly displaced from urban core neighborhoods. The combination of Live Local eligibility, a transit-adjacent location, and a workforce-housing sponsor contributed to the project's ability to secure construction debt.
About the Firms
Ora Development Group focuses on the development of workforce housing communities. Conconcreto is a publicly traded construction services and development company based in Medellin, Colombia. Pearlmark provided the construction debt for the transaction. Institutional Property Advisors is a division of Marcus & Millichap specializing in capital markets services for major private and institutional clients, including acquisition, disposition, and financing of institutional properties and portfolios.