Matthew A. Rieger, president and CEO of Housing Trust Group, is building affordable housing for seniors alongside NBA Hall of Famer Alonzo Mourning.
Why it matters: Floridians on fixed incomes are struggling to cover skyrocketing housing costs.
- The average Social Security check covers less than 55% of a person’s average expenses in Miami-Dade County, according to one report.
- Rieger’s teamed up with him on seven projects in Florida, including the Courtside Apartments in Overtown, which opened in 2016.
- “I just want to come in and help the community,” Mourning told Bisnow in January. “We don’t want to make a lot of money off of these projects.”
Details: Their $44 million Tucker Tower project is currently under construction in West Perrine and is scheduled to open in about eight months.
- Rents range from $457 – $1,317 for its 120 units.
- Seniors over 62 years old who earn up to $46,740 will be eligible.
How they did it: The project was funded by a mix of loans and tax credit financing.
- Around the country, the cost of land, labor, insurance and construction material has shot up so much that planned affordable housing projects have been canceled.
- To help avoid that, a state emergency program helped close a $3.2 million funding gap for Tucker Tower, which broke ground in October.
What they’re saying: “Naturally occurring affordable housing is pretty much non-existent in South Florida now,” Rieger tells Axios.
- “The only way to make deals pencil out is to either give renters a subsidy or subsidize the cost of development so companies like HTG can keep rents low.”
What’s next: HTG is also developing a 1,300-unit project in Overtown called Rainbow Village, complete with a school and park.
The bottom line: “We need something like seven million new affordable housing units in this country over the next decade —that’s massive,” Rieger says. “We really need an ambitious federal effort to create thousands of new units per month.”
Alonzo Mourning’s perfect day in Miami
Alonzo Mourning is an NBA legend: He played 15 seasons, won a championship with the 2006 Miami Heat (alongside Dwyane Wade and Shaquille O’Neal), and had his No. 33 retired in 2009.
- In the middle of his NBA career, he underwent a kidney transplant.
What’s happening: Zo now serves as vice president of player programs for the Heat, mentoring the organizations’ players and representing it in business and community activities.
- He also founded the nonprofit Mourning Family Foundation to support youth programs and helps develop affordable housing.
After learning about his new developments, we asked Zo how he’d spend his ideal day around the Magic City:
🥐 Morning: He likes to pop into L’Artisane Creative Bakery in Coral Gables. “They have great vegan pastries and breakfast.”
- He’d also get in a workout at Lifetime Fitness.
⛳️ Midday: He’d stick around the Gables for lunch: “Love the food and atmosphere at Hillstone’s,” he tells us.
- Then, he’d get in a round of golf.
🍝 Evenings: For dinner, “There are so many great spots, but if I have to pick my ‘go-to,’ it would be Il Gabbiano,” Zo says.
- The Italian fine dining restaurant is in a prime location at the One Miami complex downtown, where the Miami River meets Biscayne Bay.
- At night, if he isn’t working a Heat home game, Zo relaxes at home.