MIAMI, FL - Housing Trust Group (HTG) was granted a ground-lease by the Miami-Dade County Commission to begin the process of procuring financing to transform an aging public housing site in Miami’s Overtown neighborhood into a vibrant mixed-income community.
The Commission granted HTG the ground lease on the 10.4-acre site containing two adjacent public housing communities, Rainbow Village Apartments and Gwen Cherry 23C, located at 2000 N.W. Third Avenue (on the corner of N.W. 20th Street). The two 1970s-era garden-style public housing developments contain a combined 136 apartments. The ground-lease enables HTG to apply for financing, including low income housing tax credits, to subsidize construction and development. If awarded financing, HTG would begin construction in late 2021.
In its proposal, HTG presented three progressively ambitious redevelopment scenarios – each ensuring phased development to minimize disruption to current residents, and ensure none will be permanently displaced. All scenarios also adhere to “Smart Growth” principles – creating pedestrian-friendly, walkable neighborhoods close to jobs, shops, schools and transportation hubs – as well as inclusion of public art through Miami-Dade’s Arts in Public Spaces program.
Scenario A: Subject to re-zoning to T-5 under the Miami 21 Zoning Code, HTG would develop 1,014 mixed-income apartments (136 public housing units, 134 affordable housing units, 733 workforce/market-rate units, and 11 for-sale townhomes). All units would have high-quality finishes, energy-efficient appliances, walk-in showers and walk-in closets. New community amenities include a community center, early education/day-care center, state-of the-art fitness center, media center/library, 7,600 square feet of retail, resort-style swimming pool, picnic areas and barbecue grills, walking paths, and play areas.
Scenario B – Subject to re-zoning to T-5 and later T6-8 under a Special Area Plan, HTG would develop a total of 1,316 mixed-income apartments (136 public housing units, 106 affordable units, 1,059 workforce/market rate units, and 15 for-sale townhomes). Amenities the same as above.
Scenario C – HTG envisions a new district that expands beyond the Rainbow/Gwen Cherry site to include an additional 10.7 acres in partnership with adjacent property owners. This scenario would allow for up to 70,000 square feet of additional retail, office and cultural/community spaces.
"Our mission is simple," said Matthew A. Rieger, President and CEO of Housing Trust Group. "To provide without compromise the highest quality multifamily communities possible, and create a vibrant, attractive mixed-use community in Overtown, where people of all ages, races, cultures and economic strata can come together to live, learn, work and play. We assembled a best-in-class development team with strong local expertise, community involvement, and neighborhood relationships to ensure that this realizes its full potential to be a truly transformative development and provides the services and amenities that this neighborhood deserves."
About Housing Trust Group: Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities whose real estate transactions exceed $3 billion in commercial, land and residential developments across Florida, Georgia, Texas and Arizona. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments. For more information, please visit www.htgf.com