Courtside Apartments II Opens in Overtown With 120 Income-Restricted Units

Housing Trust Group (HTG) and AM Affordable Housing, a nonprofit founded by former NBA player Alonzo Mourning, held a grand opening for Courtside Apartments II, a $58 million affordable development in Overtown, Miami. Corwil Architects designed the project, which includes two five-story residential buildings with 120 income-restricted apartments at 1698 NW 3rd Avenue and 1501 NW 4th Avenue. BDI Construction was the general contractor.

The buildings sit on either side of the Culmer Center and form a campus with the original Courtside Apartments, finished in 2016. The phase is the partnership's 11th affordable community and follows more than 1,000 apartments built across Florida and Texas over the past decade.

Units serve households earning up to 30, 50, 60 and 70 percent of area median income, with rents starting at $683 per month. Amenities include a clubhouse, fitness center and on-site programming such as literacy training and employment assistance. Financing combined construction and permanent loans, LIHTC equity, and several state, county and CRA subordinate loans.

The opening comes as Miami-Dade faces an estimated shortage of more than 90,000 affordable units for households below 80 percent of AMI.

For developers and lenders, the deal shows how layered LIHTC, state SAIL and local surtax financing can be stacked to deliver deeply affordable rents in an urban infill site.