Miami Heat legend Alonzo Mourning, through his AM Affordable Housing (AM) and Housing Trust Group (HTG) has closed on the financing for Courtside Family Apartments: a new and affordable residential development in Miami's historic Overtown neighborhood.
The 84-unit affordable housing development is the first of a three-phased master planned community that will help revitalize the neighborhood and provide affordable housing for local residents. It will include four live/work lofts on Northwest Fourth Avenue, set-aside at various income levels at or below 60% of the area median income.
Construction will start shortly at 1700 NW 4th Avenue in Overtown. Aside from adding more housing options for residents, the development will create approximately 150 jobs during the 14-month construction phase with another approximate 35 permanent jobs when it officially opens its doors. Phase II and III are set to follow soon after.
Development costs are estimated to be at $22.8 million, and costs are being covered by a number of sources.
Aside from affordability, the planned units will also incorporate green design and eco-friendly features such as low-flow plumbing fixtures, low-VOC paint Energy Star qualified appliances and energy efficient HVAC systems.
The master-planned community aims to be pedestrian friendly, offering better access to government services, small business opportunities, and neighborhood-oriented "mom and pop" shopping.
Once completed, residents can look forward to a multi-purpose community room complete with gaming tables, a theater room, computer lab, fitness center, and a secure outdoor area with basketball courts, picnic areas and lush gardens.
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“I’m extremely pleased that all our hard work has finally paid off,” said Mourning in a press release. “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. Our teamwork, dedication, high energy and hard work mirror the same qualities it takes to build a champion.”
For more information, visit Housing Trust Group.
