HTG, AM Affordable Housing Build in Miami
The 120-unit project marks the second part of a comprehensive two-phase development.
Construction has begun on Housing Trust Group and AM Affordable Housing’s Courtside Apartments II, a $58 million affordable community in Miami’s Overtown neighborhood. Comprised of 120 units, Courtside Apartments II marks the second part of a comprehensive two-phase development.
Funding for the project included a $30 million construction loan provided by JPMorgan Chase and $25.9 million in 4 percent Low-Income Housing Tax Credits equity syndicated through Truist Bank. Other contributions came from Grandbridge Real Estate Capital, Florida Housing Finance Corp. and the Miami-Dade County Affordable Housing Surtax Program.
“Having collaborated with AM Affordable Housing in the past, our Miami-based teams recognized the need for more affordable options in one of the most underserved areas in our community,” Matthew A. Rieger, president & CEO of HTG, told Multi-Housing News. “Our personal understanding of Overtown, its surrounding areas, and the associated rise in the cost of living throughout Miami have been driving factors for us to complete this two-phase project and deliver on our collective promise.”
Apartment homes are reserved for residents who earn at or below 50, 60 and 70 percent of the area median income. Monthly rents will range from $985 to $3,092.
Courtside Apartments II details
Courtside Apartments II will be comprised of two mid-rise seven-story residential buildings spanning more than 161,000 square feet. It will feature 58 one-bedroom, 40 two-bedroom and 22 three-bedroom units.
Residents will have access to complimentary on-site programs such as adult literacy training, employment assistance programs, financial management programs and various community events and daily activities.
Amenities are set to include a clubhouse with a media center, fitness center, dog park and bike storage area. Homes will include Energy Star-rated appliances, modern fixtures and vinyl plank flooring.
Corwil Architects is the design and construction team for Courtside Apartments II. BDI Construction is the general contractor, Kimley-Horn is the engineer, Builders Design is the interior designer and landscape architecture is headed up by Witkin Hults + Partners.
Leasing is expected to begin in fall 2025 and completion is scheduled for the first quarter of 2026. Courtside Apartments, the first phase of the project, opened its doors in 2016.
Miami projects on the rise
In July, HTG marked a milestone for another affordable housing project in Miami. Alongside Elite Equity Development, it topped out Naranja Grand Community, a two-phase, $115 million, 320-unit affordable housing development comprising of 120 senior units and 200 affordable units.
Located some 30 miles southwest of Downtown Miami, future residents of Naranja Grand Community can access several transit stops within walking distance.
Also in July, Corwil was the architect behind a completed luxury development. Miami’s Remi on the River is the eight-story, 342-unit second phase of a 688-unit luxury community in the Miami River District. It was completed by Mast Capital and AEW.
Remi on the River has more than 400 feet of water frontage along the Miami River. It is located minutes from Miami’s Brickell Financial District, the Miami Health District and Downtown Miami, as well as near beaches, cultural attractions and nightlife destinations.