Housing Trust Group Holds Groundbreaking Ceremony For Affordable Housing Community In Miami
Princeton Park breaks ground on 150-unit property
MIAMI (October 24, 2017) – Housing Trust Group (HTG), one of the nation’s leading developers of affordable housing, held a groundbreaking ceremony on Tuesday, October 24, 2017 at 10 a.m. for Princeton Park, a 150-unit affordable housing community in Miami. The $36 million community is located at 13105 SW 248 Street in the Princeton Community Urban Center District of unincorporated Miami-Dade County. The community is scheduled to be completed in August 2018.
The Groundbreaking Ceremony was well attended and included Miami-Dade County Commissioner Daniella Levine Cava, Michael Jacobs, SVP of National Equity Fund, Kyle Kolesar of KeyBank, and Cindy Colvin, VP of Suntrust Community Capital.
“Miami-Dade County is one of the most unaffordable and cost-burdened markets in the entire U.S., which is why I’m so incredibly proud to celebrate Princeton Park’s Groundbreaking today,” said HTG President and CEO Matthew Rieger.
Each unit will be affordably priced, with rents ranging from $384 per month for a one-bedroom apartment to $984 per month for a three-bedroom apartment. These reduced rents were made possible through the use of the Low Income Housing Tax Credit Program (LIHTC), a federal program administered through the state, which provided financing for the development of affordable housing. The community will remain affordable for at least 50 years.
Princeton Park’s design team was led by Albert Cordoves with Corwil Architects. The design is unequivocally modern and takes urban design principles to a new level. Princeton Park is a garden-style apartment complex consisting of four three-story residential buildings and one clubhouse on approximately 8.4 acres of land with grade-level parking. The development will feature a grand clubhouse that includes a state-of-the-art fitness center, Wi-Fi lounge, a large multi-purpose community room, designated work stations, and a luxury swimming pool. The units will feature open floor plans that include granite countertops, wide plank flooring, and a full-sized range of Energy-Star appliances.
Princeton Park will provide their residents with literacy training, family support coordinators, and an employment assistance program. The unit mix will consist of 18 1-bed/1-bath units, 96 2-bed/2-bath units, and 36 3-bed/2-bath units for a total of 150 units. All of the units will be reserved for family households earning at or below 60% of AMI which is currently $45,300 for a family of four. Additionally, 15 units (10%) will be set aside for Extremely Low Income individuals at 33% of AMI, which is currently $24,915 for a family of four.
Construction activities at Princeton Park will be led by Gomez Construction, a leading builder in South Florida. HSQ Group are the engineers for Princeton Park.
HTG recently completed construction of Courtside Apartments in Miami in partnership with Alonzo Mourning, and Wagner Creek in Miami’s Health District. The company has four other affordable housing communities currently under construction in Florida. HTG also owns market rate properties in Tennessee and Arizona. All aim to fill a void in the market by providing much-needed, quality affordable, workforce and luxury housing to working families, seniors and individuals.
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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.
Melinda Sherwood, msherwood@krepspr.com
Anna De Gobbi, adegobbi@krepspr.com
Ph: 305-663-3543