The Real Deal Miami

Alonzo Mourning-led Overtown affordable housing gets $21M in financing

First phase of project is estimated to cost $22.8M

April 08, 2015 09:45AM

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A rendering of the Courtside Family Apartments

A rendering of the Courtside Family Apartments

In an effort to revitalize the Overtown, NBA Hall of Famer Alonzo Mourning is planning to build an affordable housing community in the area.

His company AM Affordable Housing and its partner the Housing Trust Group just closed on $21 million in financing for the first phase of the project, a low-income apartment building.

AM was granted a 65-year lease for four acres at the Miami-Dade County’s Culmer Center in 2008 after the company won a bidding process for the project, according to a press release.

The first phase will be the 84-unit Courtside Family Apartments, at 1700 Northwest Fourth Avenue. Its residences will vary in price at or below 60 percent of the area’s median income, according to the release.

Amenities include a computer room, outdoor picnic areas, basketball court and fitness area.

The second phase will be a 120-unit senior community, and the third phase will have 80 units — but its target demographic is still being decided.

With aims to create a green and walkable community, the company said Courtside will be a catalyst for the redevelopment of Overtown.

Construction is slated to finish in 14 months, with groundbreaking on the first phase expected soon.

“I’m extremely pleased that all our hard work has finally paid off,” Mourning said in a statement. “Since we were first awarded the project in 2008, we have had to overcome many obstacles to get to this point, but we persevered and ultimately succeed for this community.” — Sean Stewart-Muniz

  • WhyNotNow

    So they are going to cost $250,000.00 per unit? What am I missing here?