$23M Affordable Housing Community Debuts in Miami
- Oct 05, 2016
Miami—Housing Trust Group and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer Alonzo Mourning, recently unveiled the new $22.8 million Courtside Apartments in Overtown, a northwestern neighborhood of Miami. Part of a three-phase development, the property features 84 units, with the second phase expected to offer 120 senior housing units upon financing.
Located at 1699 NW. 4th Ave., the 84-unit residential community features one-, two- and three-bedroom floorplans available for families with an annual income of no more than 60 percent of the area’s median income. With rents ranging from $760 to $990, the asset was 100 percent leased at the time of the announcement. Amenities include a basketball court, fitness center, business center, laundry facilities, media center and carded entry system.
HTG secured financing for the project in 2014 through multiple public-private sources, including $9 million in Florida Housing Finance Corp. low-income housing tax credits, $7.5 million from the Southeast Overtown/Park West Community Redevelopment Agency and $1.75 million from Miami-Dade County in the form of a surtax loan along with developer equity.
“Courtside Apartments is the result of a successful public-private partnership. We are committed to easing the burden on Miami’s working families and to bringing high-quality affordable housing to Downtown Miami. Courtside is a place residents can call home and take great pride in, and provides a solid foundation for the ongoing revitalization of the historic Overtown neighborhood,” Matthew Rieger, president & CEO of HTG, said in a prepared statement.
Cohen, Freedman, Encinosa & Associates is the architect of record, while HSQ Group Inc. will handle civil engineering and Rosenberg Gardner Design will serve as landscape architect.
Image courtesy of the Southeast Overtown/Park West Community Redevelopment Agency