Princeton Park will provide 150 affordable apartments to southern Miami-Dade County
Housing Trust Group (HTG), a leading multifamily housing developer in Florida, closed on financing to begin construction of 150 new affordable apartments in Miami-Dade County. Princeton Park, a $36 million housing community located at 13105 SW 248 Street in the Princeton Community Urban Center District of unincorporated Miami-Dade County, will break ground this month. Adjacent to US-1, Princeton Park offers accessibility to major transit connectors such as the South Miami-Dade Busway which runs on an exclusive lane to Downtown and the Airport, promoting an alternative to daily traffic congestion. All of the units will be reserved for family households earning at or below 60% of Area Median Income (AMI), which is currently $45,300 for a family of four.
The new community, which is scheduled to be delivered in August 2018, will offer affordably priced rents ranging from $384 per month for a one-bedroom apartment to $984 per month for a three-bedroom apartment. These reduced rents were made possible through the use of Low Income Housing Tax Credits (LIHTC), a federal program, administered through the state, to provide financing for the development of affordable housing. The community will remain affordable for 50 years.
“As a native of Miami, I’m incredibly proud to be able to bring 150 new affordable housing units to the most cost-burdened city in the country,” said Matthew Rieger, President and CEO of HTG. “Princeton Park will set a new standard for what affordable housing can be and will provide a safe, clean and attractive place for families in a part of the county that desperately needs more housing options. This community will also provide supportive services that will help residents and their children thrive in the future.”
Princeton Park’s design team was led by Albert Cordoves with Corwil Architects. The design is unequivocally modern and takes urban design principles to a new level. Princeton Park is a 150-unit, garden-style apartment complex consisting of four three-story residential buildings and one clubhouse on approximately 8.4 acres of land with grade-level parking. The development will feature a state-of-the-art clubhouse that includes a fitness center, a large multi-purpose community room, designated work stations, and a luxury swimming pool. The units will feature open floor plans that include granite countertops, luxury flooring, and a full-sized range of Energy-Star appliances.
Funding for Princeton Park was provided through the use of 9% LIHTC from Florida Housing Finance Corporation, $23.7 million in equity from National Equity Fund in conjunction with SunTrust, a $3.5 million loan from Column Financial, along with a construction loan ($23.3 million) and permanent loan ($7.3 million) from Key Bank. Development of the community will create hundreds of construction jobs and at least six permanent jobs when complete.
Princeton Park will provide their residents with literacy training, family support coordinators, and an employment assistance program. The unit mix will consist of 18 1-bed/1-bath units, 96 2-bed/2-bath units, and 36 3-bed/2-bath units for a total of 150 units. All of the units will be reserved for family households earning at or below 60% of AMI currently $45,300 for a family of four. Additionally, 15 units (10%) will be set aside for Extremely Low Income (“ELI”) individuals at 33% of AMI, which is currently $24,915 for a family of four.
HTG recently completed construction of Courtside Apartments in Miami in partnership with Alonzo Mourning, and Wagner Creek in Miami’s Health District. The company has five other affordable housing communities currently under construction in Florida. HTG also has two luxury communities in development outside of Florida, Forest Cove in Chattanooga, TN and Aviva in Mesa, AZ. All aim to fill a void in the market by providing much-needed, quality affordable and luxury housing to working families, seniors and individuals.
About Housing Trust Group
Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities whose real estate transactions exceed $2 billion in commercial, land and residential developments across Florida, the Southeastern U.S. 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, visit www.htgf.com.