Courtside Apartments brings 84 affordable units to historic Overtown community
Miami, Florida (September 26, 2016) – Housing Trust Group (HTG), a Miami-based real estate developer specializing in affordable housing, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, celebrated the grand opening of Courtside Apartments, an 84-unit residential community in the historic Overtown neighborhood of Miami, on Friday. Public officials, community members, and guests gathered this morning at the new $22.8 million development at 1699 N.W. 4th Avenue for an official ribbon-cutting ceremony and reception.
Courtside’s 1-, 2- and 3-bedroom apartments are reserved for residents making an annual income of no more than 60% of area media income (AMI). Monthly rents range from $760 to $990. The property is already 100% leased.
Matthew Rieger, President and CEO of developer HTG, commented, “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.”
Courtside’s development started in 2008, when AM Affordable Housing, Mourning’s nonprofit, signed a 65-year ground lease for four acres at the County-owned Culmer Center property. After a competitive bidding process, AM selected Housing Trust Group as the developer-partner because of the developer’s successful track record in South Florida, expertise in the affordable housing arena, and strong relationships in the community.
HTG secured financing in 2014 through a variety of public-private sources including $9 million in Florida Housing Finance Corporation low-income housing tax credits (4%); $3.31 million in construction debt from City Community Capital; $7.5 million from the Southeast Overtown/Park West Community Redevelopment Agency; $1.75 million from Miami-Dade County in the form of a surtax loan along with developer equity. It broke ground in 2015, with 40% of the construction labor provided by residents of the surrounding neighborhood
Courtside includes 10 one-bedroom, one-bathroom units; 53 two-bedroom, two-bathroom units; 21 three-bedroom, two-bathroom units; and four live-work units. Amenities include a basketball court, fitness center, business center with computers, laundry facilities, picnic area with outdoor grill, media center, and carded entry system. There is resident parking for 86 cars, and an auto care/cleaning station on the property. Courtside is located in the Southeast Overtown Park West (SEOPW) CRA, directly across from a park, a school and a church, and adjacent to the Culmer Center.
Courtside Apartments is the first of a proposed three-phase development; phase two calls for approximately 120 apartments for seniors as soon as financing is finalized.
The project team for Courtside Apartments includes general contractor CB-HTG, LLC; architect Cohen, Freedman, Encinosa & Associates; structural engineer M.A.S. and Associates; mechanical/electrical engineer RPJ, Inc.; civil engineer HSQ Group, Inc.; and landscape architects Rosenberg Gardner Design.
HTG presently has five affordable housing communities under construction in Florida including Wagner Creek in Miami, Valencia Grove in Eustis, Freedom Gardens in Brooksville, Park at Wellington in Holiday and Covenant Villas in Belle Glade, along with two market rate developments outside Florida with Forest Cove in Chattanooga, TN and Aviva in Mesa, AZ.
Randy Rieger (Housing Trust Group), Allen Furst (Agency 21 Consulting), Alonzo Mourning (AM Affordable Housing) and Matthew Rieger (Housing Trust Group) at the Courtside Apartments grand-opening ceremony on Sept. 23, 2016. (L to R)
About Housing Trust Group
Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities whose real estate transactions exceed $2 billion in commercial, land and residential developments across Florida, the Southeastern U.S. and Arizona. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments. For more information, please visit www.htgf.com.