HTG plans 1,000-unit affordable housing complex in Miami’s Overtown

Firm wants to redevelop Rainbow Village Apartments and Gwen Cherry 23C communities

Miami /
May.May 18, 2020 02:30 PM
Renderings of different versions of the project with Matt Rieger

Renderings of different versions of the project with Matt Rieger

Housing Trust Group could build more than 1,300 new affordable housing units on a site in Miami’s Overtown neighborhood.

The Miami-Dade County Commission granted HTG a ground lease for the 10.4-acre property, which houses two existing public housing projects that the developer would redevelop: Rainbow Village Apartments and Gwen Cherry 23C.

The 11-month ground lease is the first step in redeveloping the two communities, which were built in the 1970s and have 136 public housing units. (A ground lease of 12 months or more requires approval from the Department of Housing and Urban Development.)

Next, the county and HTG will negotiate a master development agreement for the site, according to the county’s resolution.

HTG, a Miami-based multifamily developer led by CEO Matt Rieger, is proposing three versions of the affordable housing project. Rieger said in a statement that it’s seeking community input virtually or in person, if possible, this summer.

In the first scenario, HTG would build 1,014 mixed-income apartments, including 136 public housing units, 134 affordable housing units, 733 workforce/market-rate units, and 11 for-sale townhouses, according to a release. Amenities would include 7,600 square feet of retail, a community center, early education/day-care center, fitness center, media center/library, a swimming pool, picnic areas and grills, walking paths, and play areas. That version would be built under T-5 Miami 21 zoning.

The second scenario calls for 1,316 mixed-income apartments, with 136 public housing units, 106 affordable units, 1,059 workforce/market rate units, and 15 for-sale townhomes. The amenities would be the same, and the project would be built subject to the property being rezoned to T6-8 under a special area plan.

In the third proposal, HTG would roughly double the land by partnering with nearby property owners, adding 10.7 acres and allowing for up to 70,000 square feet of additional retail, office and cultural/community spaces.

The short-term ground lease approved by Miami-Dade last month allows the developer to apply for financing, including low-income housing tax credits. The county would vote on a master development agreement at a later date, and the project is also subject to HUD approval regarding replacing existing public housing units. HTG expects to get HUD approval before the fourth quarter of this year, according to the release.

If HTG secures financing, it plans to break ground on the Overtown project in late 2021.

Miami-Dade plans to redevelop more than 7,700 public housing units under HUD’s Rental Assistance Demonstration (RAD) program.

Earlier this year, HTG closed on financing for a $25 million affordable housing community in West Kendall, called Paradise Lakes Apartments. HTG also closed on $25 million in financing for Village View, a new senior affordable housing development in Fort Lauderdale’s Flagler Village.


Related Articles

arrow_forward_ios
(Getty)
Active agents in Miami drop 36% in a year, as market cools
Active agents in Miami drop 36% in a year, as market cools
Miami-Dade County mayor Daniella Levine Cava, Citadel's Ken Griffin
Ken Griffin kicks in $3M to Miami-Dade fund for housing, other initiatives
Ken Griffin kicks in $3M to Miami-Dade fund for housing, other initiatives
Homes
South Florida home sales plunge, prices in flux in the fourth quarter
South Florida home sales plunge, prices in flux in the fourth quarter
From left: LeBron James, Ken Griffin, Miami-Dade Mayor Daniella Levine Cava, Jeff Bezos, Vlad Doronin, and Stephen Ross (Getty)
Here’s what went down in South Florida real estate in 2022
Here’s what went down in South Florida real estate in 2022
Miami skyline
South Florida home sales keep falling as price growth slows
South Florida home sales keep falling as price growth slows
(Illustration by The Real Deal with Getty)
“It’s not dead, it’s just different.” South Florida resi slowdown persists
“It’s not dead, it’s just different.” South Florida resi slowdown persists
Danielle Hale
Slowdown is “paradoxical:” Realtor.com’s chief economist on Miami housing market’s future
Slowdown is “paradoxical:” Realtor.com’s chief economist on Miami housing market’s future
From left: Ansorg Development's Karl-Ulrich Ansorg, Tulip Group's Kobi Elbaz, Ofir Gabriel, and Amit Kort in front of 234-264 Northeast 34th Street in Miami (Getty, Google Maps, YouTube/Tulip Group Thailand, usbotschaftberlin, Public domain - via Wikimedia Commons)
Inside look at planned Edgewater mixed-use condo tower
Inside look at planned Edgewater mixed-use condo tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...