The lack of affordable housing in Miami-Dade, Broward and Palm Beach Counties is an ongoing crisis – and one that longtime developers Juan Carlos Jurado and Juan Pablo Chirinos are addressing head on with their newly-launched company, Continental Development Holding (CDH), an affiliate of the Continental Group. Based in Miami and working with county officials, CDH is developing 500 high quality affordable housing units (single-family homes, townhomes, multifamily, and duplexes) over the next four to five years. They expect to build 90–120 units per year.
The CDH partners saw great potential in land development from previous work under Continental Construction USA, LLC (CCC) while performing water, sewer and drainage infrastructure improvements in communities across Broward County. From this work, they identified an opportunity to create quality affordable housing for communities in need. Along with CDH COO Anna Mirtha Jaime, who previously worked as Vice President of Real Estate Management at the Broward County Housing Authority, they created the company knowing the incredible social and economic impact it could have.
According to a recent market update prepared by Florida International University’s Jorge M. Pérez Metropolitan Center, over half of Miami-Dade’s cost-burdened renters (households spending more than 30% of their income on rent) are “severely” cost-burdened, meaning they spend more than 50% of their income on rent. The 2018 Broward County Affordable Housing Needs Assessment states that with 53.9% cost-burdened households, Broward County is one of the most unaffordable places to live in the U.S.
Among metropolitan areas with a population above 1 million, the Miami market, which includes Palm Beach, had the highest percentage of renters spending more than 50% of their income on housing, according to the 2017 America’s Rental Housing Report by the Joint Center for Housing Studies of Harvard University.
“At CDH, our goal is not only to build quality affordable housing, but to become a catalyst of redevelopment and improvement for the community,” said Jurado. “People need quality affordable housing options near their workplace. As developers, we are staying active in the neighborhoods in which we build by renting to local residents. Our number one commitment is to improve and support these communities.”
CDH stays active in the neighborhoods where it builds by hiring people from within the area to work on the construction (where possible), and thus becoming a fabric of the community. Also, the people moving into the properties are from within the area - CDH prefers that these local residents have first opportunity to stay in their neighborhood.
CDH is developing quality and sustainable residences and has worked with the engineering firm Premiere Design Solutions to create homes that are both attractive and functional. Features include multiple finished styles including, stainless steel energy efficient appliances, porcelain floor tiles and wood cabinets with quartz countertops. In addition, these homes feature an in-unit dish washer, double sinks, ceiling fans, and washer and dryer. Other highlights include high ceilings, hurricane impact windows and doors, carefree landscaping, and a one-car garage. CDH will maintain the residences’ landscaping, and keep up the appearance of the house, including painting.
CDH hosted a ribbon cutting ceremony for its newly constructed rental houses in the Sistrunk area of Fort Lauderdale in early December. Currently, five new homes are available; 90 homes are planned to be built across multiple parcels of land in this area.
CDH, who is self-funded and receives no grants, is always looking for land and deals, without overcommitting. Throughout its projects, CDH has worked with City National Bank, a likeminded community partner. CDH has already broken ground on other parcels of land; it is working on developing 10 sets of duplexes, immediately followed by townhouses in the Sistrunk area, all located within a one- to two-mile radius of each other. It is currently closing on a piece of land in Dania Beach, which will be home to 84 multifamily units within four three-story buildings, expected to break ground early 2020. The gated community will include multiple amenities including a club house with a gym, computer lab and yoga studio. CDH has also purchased land in the Hollywood and Hallandale areas.
The first house developed by CDH was leased effective Aug. 1, 2019. CDH screens all residents prior to renting to them.
CDH is currently looking for the right people to expand its team. For more information, please call 786-300-6830 or email ajaime@cdhhousing.com.
About Continental Development Holding (CDH)
Continental Development Holding (CDH) was created for the purpose of engaging in community revitalization initiatives by building quality, sustainable, and high efficient affordable housing. The company has purchased land in several cities in Broward including Fort Lauderdale, Hollywood and Hallandale Beach, and is scheduled to close on a parcel of land in Dania Beach mid-December. The company has intentions of expanding to Miami-Dade and Palm Beach counties. CDH wants to be a catalyst in improving and increasing affordable housing opportunities in communities of South Florida with a focus on improving neighborhoods. CDH’s headquarters are located at 1395 Brickell Ave, Suite 740, Miami, FL 33131. For more information, visit cdhhousing.com, call 786-300-6830 or email ajaime@cdhhousing.com.
