HTG Proposes 196-unit Multifamily Complexes in South Miami-Dade

Housing Trust Group, a Coconut Grove-based multifamily development firm, has submitted plans to the Miami-Dade County government to build two apartment complexes with a combined total of 196 units in the Goulds neighborhood.

HTG is asking the county for a zoning verification, which is a confirmation that the existing development regulations allow the projects to be built by right.

The project: The first complex, called Palm Grove, would have 104 units and would be located at 21500 South Dixie Highway. The second complex, called Villa Mallorca, would have 92 units and would be located at 11912 Southwest 217th Street. The two properties are a short walk from each other.

The buildings: Villa Mallorca would be an eight-story affordable housing building for households earning no more than 80% of the area median income (AMI), which is $74,700 annually. To qualify for an apartment, a one-person household could not earn more than $57,840 and a two-person household could not earn over $66,080. Palm Grove would rise seven to eight stories, but the application does not reference the project as affordable housing.

The team behind it all: HTG is led by Matthew Rieger and has projects in the Southeast and Arizona. In May, the company scored $61 million in construction financing for a pair of eight-story University Station buildings with affordable apartments along North 21st Avenue in Hollywood. Of the 216 units, 141 will be for households earning up to 60% of the AMI and the remainder will be for households earning up to 80% of the AMI.

The 1.4-acre Palm Grove site is owned by John and Linda Vlad, and the 0.6-acre Villa Mallorca property is owned by an entity managed by Carlos Devarona. 

The backdrop: South Florida's affordable housing crisis has been exacerbated in recent years by an influx of out-of-state residents. The resulting pent-up demand has led the tri-county region to be one of the most competitive for apartments and prompted record rent hikes.

Developers have seized on the demand for below-market rate apartments with plans for new projects. In addition to the HTG projects, Vestcor has filed plans for a 590-unit complex at the northwest corner of South Dixie Highway and Southwest 280th Street in Leisure City.