Former NBA Star and Partner Develop South Florida Affordable Housing
- Apr 08, 2015
Miami—AM Affordable Housing and Housing Trust Group, a residential developer in Florida and other places, have closed on the financing of Courtside Family Apartments. The property is a new 84-unit affordable housing development in Miami’s Overtown neighborhood. Former Miami Heat basketball star Alonzo Mourning is the director of AM.
The funding includes $9 million in state low-income housing tax credits, $3.3 million in construction debt from Citi Community Capital, and $7.5 million from the Southeast Overtown/Park West Community Redevelopment Agency. Miami-Dade County’s surtax program for affordable housing is also providing a $1.75 million loan.
Four of the 84 units of the first phase will be live/work lofts, and all of the units will be for residents with income levels at or below 60 percent of the area median income. Common amenities will include a multi-purpose community room with gaming tables, theater/media room, computer lab, fitness center, and outdoor amenity area with basketball court, covered picnic areas, and gardens.
Courtside Family Apartments will also incorporate green design and building techniques in its construction, in line with National Green Building Standards. Residential units will feature low-flow plumbing fixtures, low-VOC paint, Energy Star appliances and energy-efficient HVAC systems.
Courtside Family Apartments is the first of a three-phased property on the site, with each phase providing affordable housing for local residents. The second phase is planned to include about 120 units, while the third might have 80, though plans for it haven’t been finalized.
The development was first conceptualized by Hall of Famer and philanthropist Alonzo Mourning as a way to continue his charitable work in Miami. In 2008, Miami-Dade County granted AM Affordable Housing a 65-year ground lease on about four acres of land at the Culmer Center, which will be the site of the development.