Housing Trust Group (HTG) and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer Alonzo Mourning, have celebrated the grand opening of Courtside Apartments II, a $58 million affordable housing development in Miami’s historic Overtown neighborhood. Designed by Corwil Architects, the project comprises two five-story residential buildings containing 120 income-restricted apartments at 1698 NW 3rd Avenue and 1501 NW 4th Avenue. BDI Construction served as the general contractor.
The buildings are situated on opposite sides of the Culmer Center and form a larger residential campus alongside the original Courtside Apartments, which HTG and AM Affordable Housing completed in 2016 near the Overtown Youth Center. The second phase marks the 11th affordable housing community completed through the partnership, which has delivered more than 1,000 apartments across Florida and Texas over the past decade.
Credit: 3 p.m. Media
Courtside Apartments II provides housing for qualifying households earning at or below 30, 50, 60, and 70 percent of Area Median Income (AMI), with monthly rents starting at $683. Residences feature full-size Energy Star-rated appliances, luxury vinyl plank flooring, and modern fixtures. Shared amenities include a clubhouse with a catering kitchenette, media center, fitness center, and bicycle storage.
Residents also have access to complimentary on-site programming, including adult literacy training, employment assistance, financial management courses, community events, and daily activities.
The development opens amid continued investment in Overtown and the surrounding Greater Downtown Miami area, where improved regional transit connectivity, including Brightline service at nearby MiamiCentral, has accompanied new residential and commercial development. Miami-Dade County faces an estimated shortage of more than 90,000 affordable housing units for households earning below 80 percent of AMI, with researchers projecting that deficit could approach 116,000 units by 2030 without additional development.
A grand opening ceremony held on October 19 brought together HTG President and CEO Matthew Rieger, AM Affordable Housing founder Alonzo Mourning, Miami-Dade County Mayor Daniella Levine Cava, City of Miami Commissioner and Southeast Overtown/Park West Community Redevelopment Agency (SEOPW CRA) Chair Christine King, Miami-Dade County Commissioner Keon Hardemon, Miami-Dade County Housing and Community Development Director Nathan Kogan, and Florida Housing Finance Corporation board member Mario Facella.
“This is a special day for us all as it marks the culmination of a vision that began more than a decade ago and that so many people helped carry forward,” said Matthew Rieger, President and CEO of HTG. “We’re grateful to the leadership of the City of Miami and Miami-Dade County, to the residents of Overtown who have welcomed us into their community, and especially to Alonzo, who has been an extraordinary partner from day one. There’s tremendous investment coming into Overtown today, and that’s exciting. But what makes this neighborhood special is the people, history and culture that were here all along. Making sure longtime residents can stay and share in what comes next has to be part of its future.”
“I’ve been working with children and families in Overtown for more than 20 years, and I’ve watched this community change,” said Alonzo Mourning, founder of AM Affordable Housing. “But one thing hasn’t changed: people need a safe, stable place to call home. The families who have been here and helped build this community deserve to stay here and be part of its future. That’s why this work means so much to me.”
Financing for Courtside Apartments II included a $30 million construction loan from JPMorgan Chase and $25.9 million in equity generated through the federal 4 percent Low-Income Housing Tax Credit (LIHTC) program, syndicated through Truist Bank. Additional financing included an $18.6 million permanent loan through Grandbridge Real Estate Capital and a $7.5 million bridge loan from JPMorgan Chase.
Public financing sources included a $4.3 million Viability Loan and a $2.75 million State Apartment Incentive Loan (SAIL) from the Florida Housing Finance Corporation, a $2.5 million loan through the Miami-Dade County Affordable Housing Surtax Program, and a $1 million loan commitment from the SEOPW CRA.
The development team also included Kimley-Horn as engineer, Builders Design as interior designer, and Witkin Hults + Partners as landscape architect.
With the completion of Courtside Apartments II, HTG’s portfolio encompasses 1,600 affordable housing units across 13 properties in Miami-Dade County and more than 3,200 units across 28 properties throughout Miami-Dade, Broward, and Palm Beach counties. The developer currently operates 58 properties nationwide.
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