Housing Trust Group and NBA Hall of Famer Alonzo Mourning’s nonprofit plan a 120-unit affordable housing project in Overtown, as development of below-market rate rentals booms in South Florida.
Coconut Grove-based Housing Trust Group and AM Affordable Housing will develop the $58 million Courtside Apartments II with a pair of seven-story buildings at 1698 Northwest Third Avenue and 1501 Northwest Fourth Avenue in Miami, according to a Housing Trust Group news release.
The project will include 58 one-bedroom apartments, 40 two-bedroom apartments and 22 three-bedroom apartments. Units will be designated in tiers for households earning no more than 50 percent, 60 percent and 70 percent of the area median income.
Miami-Dade County’s annual AMI is $79,400.
Courtside Apartments II’s monthly rents will range from $985 to $3,092, the release says.
The developers scored a $91.6 million financing package for the project. This includes a $30 million construction loan from JPMorgan Chase, an $18.6 million permanent loan from Grandbridge Real Estate Capital and a $7.5 million bridge loan from JPMorgan Chase, according to the release. The financing also includes $25.9 million in equity through the Low-Income Housing Tax Credits program, $7.1 million in loans from the Florida Housing Finance Corporation and a $2.5 million Miami-Dade loan.
Preleasing is expected to start in the fall of next year. Completion of Courtside Apartments II is expected in the first quarter of 2026.
The project marks the second phase of the Courtside project. The first phase, a six-story, 94-unit building, was completed in 2016 at 1699 Northwest Fourth Avenue in Miami, according to records.
Led by CEO Matthew Rieger, Housing Trust Group develops affordable, workforce and market-rate multifamily, as well as mixed-use projects. Last year, the firm filed proposals for the 104-unit Palm Grove project at 21500 South Dixie Highway and the 92-unit Villa Mallorca at 11912 Southwest 217th Street in south Miami-Dade.
Overtown has caught developers’ eyes in recent years. In May, David Martin and an entity led by the billionaire Más family proposed a 1,215-unit residential complex with market-rate, affordable and workforce housing at 650 Northwest Eighth Street. The Miami Urban Development Review Board approved the project in May.
In July, PMG, Michael Simkins’ Lion Development Group and Alex Karakhanian’s Lndmrk Development launched sales of the 22-story One West Twelve Residences short-term rental friendly condo with 372 units at 105 Northwest Eleventh Terrace, also in Overtown.
Across South Florida, developers have continued to lean into affordable housing. Amid higher interest rates, financing for market-rate projects could be cost prohibitive. But affordable housing often is partly financed through state and local government grants and programs that allow developers to avoid elevated interest rates from bank loans.