H
ousing Trust Group and NBA Hall of Famer Alonzo Mourning's nonprofit are developing a 120-unit affordable housing project in Overtown, Miami. The $58 million Courtside Apartments II will feature two seven-story buildings at Northwest Third Avenue and Fourth Avenue, with units designated for households earning up to 70% of the area median income (AMI). The AMI in Miami-Dade County is $79,400.

    The project includes 58 one-bedroom, 40 two-bedroom, and 22 three-bedroom apartments, with monthly rents ranging from $985 to $3,092. A $91.6 million financing package was secured, including a construction loan from JPMorgan Chase, permanent loans from Grandbridge Real Estate Capital and JPMorgan Chase, and equity through the Low-Income Housing Tax Credits program.

    Preleasing is expected to start in fall 2025, with completion slated for early 2026. This marks the second phase of the Courtside project, following a six-story building completed in 2016. Housing Trust Group, led by CEO Matthew Rieger, develops affordable and workforce housing projects across South Florida.

    Overtown has become an attractive location for developers, with several recent proposals and projects underway. The area's appeal lies in its affordability, as market-rate projects may be cost-prohibitive due to higher interest rates. Affordable housing developments often rely on state and local government grants and programs to secure financing.