HTG & Elite Equity to Bring 120 New Affordable Senior Apartments Coming to Leisure City

Embarking on an ambitious mission to address the shortage of affordable housing options for senior citizens in Miami-Dade County, Housing Trust Group (HTG), a prominent multifamily developer, has taken a momentous leap with the commencement of construction on Naranja Grand.

No ordinary development, Naranja Grand represents the first phase of a grand vision brought to life through the collaboration between HTG and Elite Equity Development, Inc., a Miami Lakes-based company. Together, they are determined to create a lasting impact on the community by offering a solution to the pressing need for housing that is both affordable and suitable for the county's aging population.

Naranja Grand will cater exclusively to income-qualifying residents aged 55 and above, who earn within the range of 30, 60, and 70 percent of the area median income (AMI). With monthly rental rates spanning from $580 to $1,625, this community ensures that seniors can find a comfortable and affordable place to call home.

Anticipated to begin construction in January 2024, the project is set to culminate in Spring 2025, providing 120 thoughtfully designed units that offer both comfort and security. By creating Naranja Grand, HTG is not only constructing a physical space but also adhering to a vision that values the need for affordable housing that caters specifically to the unique needs of senior citizens.

Affordable and Vibrant Living in Miami-Dade County

In the vibrant city of Miami-Dade County, the escalating cost of housing has left many hardworking individuals and seniors facing a daunting challenge. Recognizing the pressing need for affordable and workforce housing, HTG's President and CEO, Matthew Rieger, is determined to provide a feasible solution. This commitment is epitomized by the upcoming construction of Naranja Grand.

Conveniently situated at the intersection of SW 280th St and SW 147th Avenue, Naranja Grand will be an impressive 8-story residential building that aims to transform the lives of its residents. Boasting a remarkable total of 120 units, including 91 one-bedroom and 29 two-bedroom apartments, this development spans over 117,000 square feet.

The allure of Naranja Grand extends far beyond its size. Residents will have access to an array of remarkable amenities designed to enhance their quality of life. A multipurpose community room, complete with a theater room, game area, and catering kitchen, will be the social hub for gatherings and entertainment. Health-conscious individuals will appreciate the state-of-the-art fitness center, while outdoor recreational areas and a dog park offer spaces to unwind and connect with nature. Modern and sleek finishes will grace every corner, creating an atmosphere of contemporary elegance.

Naranja Grand not only focuses on the physical aspects of living but also embraces a holistic approach to community well-being. To further enhance the residential experience, an assortment of complementary on-site programs will be available. From Resident Assurant Check-Ins to light housekeeping assistance, grocery shopping, and laundry services, every effort is made to provide convenience and support. Community events and daily activities aim to foster connection and create a vibrant neighborhood.

Furthermore, Naranja Grand stands as a beacon of sustainability. As a National Green Building Standard Certified-property, it prioritizes energy efficiency through the incorporation of energy-efficient lighting and appliances. By embracing green practices, Naranja Grand sets a remarkable example for others to follow in the pursuit of a sustainable future.

Revolutionizing the Naranja Grand Community

In a significant development, the eagerly anticipated Phase II of Naranja Grand is set to introduce 200 new units designed exclusively for families. Upon completion, these residents will gain exclusive access to a stunning pool located in the southern region of the community, further enhancing their quality of life.

Underpinning this ambitious project is a diverse range of funding sources. $26 million in 9% Low-Income Housing Tax Credits (LIHTC) equity, expertly syndicated through Raymond James, serves as a fuel to catalyze progress. Additionally, TD Bank extends a generous construction loan worth $26.2 million, while Berkadia provides a permanent Freddie Mac loan of $9 million. Florida Housing Finance Corporation lends support through a Viability Loan amounting to $4.3 million, and the Miami-Dade County Affordable Housing Surtax Program contributes with a substantial $3 million loan.

At the heart of the Naranja Grand project lies an exceptional team of professionals, each renowned in their respective fields. ATL Architecture spearheads the design and construction efforts, while Gomez Construction takes on the role of the general contractor. EAC Consulting brings their expert engineering skills to the table, complemented by the innovative interior designs curated by Builders Design. The overall aesthetic vision is entrusted to the talented landscape architects at EGS2 Landscape Architecture.

A Fresh Perspective on the Construction Industry

With each passing day, the construction industry is undergoing a remarkable transformation. Gone are the days of conventional building practices; instead, innovative techniques and cutting-edge technology are shaping the way structures are created. It's fascinating to witness how this age-old industry is embracing change and adapting to new demands. From eco-friendly materials to efficient project management systems, the construction sector is revolutionizing itself from the ground up. Amidst these advancements, it is crucial for professionals in the field to stay informed and ready to embrace this wave of progress.