HTG Breaks Ground on Miami Affordable Senior Community
- May 22, 2020
Housing Trust Group has broken ground on Father Marquess-Barry Apartments, a 60-unit affordable community catering to seniors aged 62 and over in downtown Miami.
The $18.5 million project’s development team also includes general contractor BDI Construction, architect Modis Architects and interior designer B Pila Design Studio. Completion is slated for April 2021.
Located at 301 NW 17th St. in the Overtown neighborhood, the 3-story community will consist of one- and two-bedroom units ranging from 684 to 969 square feet. The senior apartments will cater to residents earning at or below 28 and 60 percent of the area’s median income, respectively. Six workforce housing units will be set aside for those earning from 60 to 120 percent of AMI.
Amenities are to include a multipurpose club room, fitness center, library and media center and bike racks. Free on-site programs for residents will feature literacy training, assistance with light housekeeping/grocery shopping and other community events and activities. The property will be built to National Green Building Standards.
The development site is some 3 miles north of the city center, adjacent to Williams Park and across the street from Courtside Apartments, another HTG development.
Development team and financing
Father Marquess-Barry Apartments is a partnership between HTG, Miami-Dade County and Rainbow Housing Assistance Corp. The non-profit granted the developer a 99-year ground lease for the project site. HTG will develop the community in compliance with Miami-Dade’s Responsible Wages and Benefits for Construction Contracts.
Financing sources include $9.4 million in 9 percent Low Income Housing Tax Credit Equity (LIHTC) provided by Raymond James; a $13 million construction loan from TIAA Bank; a $6 million Freddie Mac permanent loan from Walker & Dunlop; and $2 million in HOME funding through Miami-Dade County.
In January, HTG started construction on a 100-unit affordable senior housing project in Fort Lauderdale, Fla. The development is slated for delivery in the first quarter of 2021.