HTG and Alonzo Mourning Open $58 Million Affordable Housing Project in Miami

• Housing Trust Group (HTG) and AM Affordable Housing have opened Courtside Apartments II, a $58 million affordable housing development in Miami’s historic Overtown neighborhood.
• Located at 1698 NW 3rd Avenue and 1501 NW 4th Avenue, Miami, FL, the project delivers 120 income-restricted apartments across two five-story residential buildings.
• Apartments serve households earning 30%, 50%, 60% and 70% of Area Median Income, with monthly rents starting at $683.
• HTG President and CEO Matthew Rieger and AM Affordable Housing founder Alonzo Mourning led the development partnership.
• The project combines private financing, Low-Income Housing Tax Credit equity and public funding to expand affordable housing in a neighborhood experiencing substantial redevelopment.

What Courtside Apartments II Brings To Overtown

Housing Trust Group and AM Affordable Housing have celebrated the opening of Courtside Apartments II, a $58 million affordable housing development in Miami’s historic Overtown neighborhood. The project adds 120 income-restricted apartments to an area experiencing increased investment and redevelopment. The development consists of two five-story residential buildings located at 1698 NW 3rd Avenue and 1501 NW 4th Avenue, on either side of the Culmer Center. Together with the original Courtside Apartments, the new buildings expand the partners’ residential presence in the neighborhood. The apartments serve households earning at or below 30%, 50%, 60% and 70% of Area Median Income, with monthly rents starting at $683. The income restrictions are intended to provide lower-cost housing options for qualifying residents as development activity continues across Greater Downtown Miami.

What The Developers Say About Keeping Overtown Accessible

HTG President and CEO Matthew Rieger emphasized the importance of ensuring existing residents can benefit from the neighborhood’s transformation.

“There’s tremendous investment coming into Overtown today, and that’s exciting,” Rieger said. “But what makes this neighborhood special is the people, history and culture that were here all along.”

Rieger also stressed the importance of preserving housing opportunities for longtime residents, saying, “Making sure longtime residents can stay and share in what comes next has to be part of its future.”

His remarks highlight a central issue facing Overtown: how to accommodate new development while helping established residents remain in the community.

What Alonzo Mourning Says About Housing Stability

Alonzo Mourning, founder of AM Affordable Housing and a former Miami Heat star, said the project reflects a long-standing commitment to supporting Overtown families. Mourning has worked with children and families in the neighborhood for more than 20 years.

“The families who have been here and helped build this community deserve to stay here and be part of its future,” Mourning said.

He also underscored the fundamental role of housing stability, stating, “People need a safe, stable place to call home.”

Mourning’s comments connect the development to the broader mission of AM Affordable Housing, which partners with developers to create housing for families, seniors and veterans.

What The Apartments Offer Residents

Courtside Apartments II includes a clubhouse with a catering kitchenette, a media center, a fitness center and bicycle storage. Apartments feature full-size Energy Star-rated appliances, luxury vinyl plank flooring and modern fixtures. The development also provides complimentary resident services designed to support household stability and economic opportunity. Programs include adult literacy training, employment assistance, financial management education and community events. These services complement the project's affordability requirements by offering residents resources beyond housing itself.

What The Financing Structure Reveals

Courtside Apartments II was financed through a combination of private lending, tax credit equity and public-sector housing programs. The announced financing includes a $30 million construction loan from JPMorgan Chase, $25.9 million in equity from 4% Low-Income Housing Tax Credits syndicated through Truist Bank, and an $18.6 million permanent loan through Grandbridge Real Estate Capital. Additional financing includes a $7.5 million bridge loan from JPMorgan Chase, a $4.3 million Florida Housing Finance Corporation Viability Loan, a $2.75 million State Apartment Incentive Loan, a $2.5 million loan through the Miami-Dade County Affordable Housing Surtax Program and a $1 million loan commitment from the Southeast Overtown/Park West Community Redevelopment Agency. The development team includes BDI Construction as general contractor, Corwil Architects as architect, Kimley-Horn as engineer, Builders Design as interior designer and Witkin Hults + Partners as landscape architect. The financing figures announced by the project team total more than the stated $58 million development cost. The discrepancy should be clarified before the amounts are presented as a reconciled project budget, as some figures may represent different financing stages or categories.

What The Project Means For Miami-Dade’s Housing Shortage

The opening comes amid a substantial affordable housing shortage in Miami-Dade County. According to the project announcement, the county faces a deficit of more than 90,000 affordable units for households earning below 80% of Area Median Income. Without additional development, the shortfall is projected to approach 116,000 units by 2030. Overtown has also attracted growing development interest as transportation connectivity improves and public and private investment spreads across Greater Downtown Miami. Courtside Apartments II adds income-restricted homes to that changing landscape. HTG reports that, with the project’s completion, it will have developed 1,600 affordable units across 13 properties in Miami-Dade County and more than 3,200 units across 28 properties in the South Florida tri-county area. Nationwide, the company reports 58 properties in operation. The project continues the partners’ effort to expand affordable housing while supporting the long-term stability of residents in a neighborhood undergoing significant change.