Miami Heat’s Mourning to start construction on affordable housing project

A partnership led by former Miami Heat center and NBA Hall of Famer Alonzo Mourning will start construction of an affordable housing project within 30 to 45 days after obtaining financing.

Mourning’s AM Affordable Housing and partner Housing Trust Group will build the Courtside Family Apartments, an 84-unit project at 1700 N.W. 4th Avenue in Miami’s Overtown neighborhood. AM Affordable Housing signed a 65-year ground lease for the 4-acre property with the city in 2008.

“I’m extremely pleased that all our hard work has finally paid off,” Mourning, director of AM Affordable Housing, said in a news release. “Since we were first awarded the project in 2008, we have had to overcome many obstacles to get to this point, but we persevered …. Our teamwork, dedication, high energy and hard work mirror the same qualities it takes to build a champion.”

The former All Star Miami Heat center is now VP of player programs for the team.

The first phase of the project will have 84 units, including four live/work lofts. They are reserved for residents with annual incomes of no more than 60 percent of the area median.

The financing for the $22.8 million project includes $9 million from Florida Housing FinanceCorp. low-income housing tax credits, $3.31 million in construction debt from Citi Community Capital, $7.5 million from the Southeast Overtown/Park West Community Redevelopment Agency, and a $1.75 million Miami-Dade County surtax loan.

“We look forward to continuing to work with Alonzo Mourning’s AM Affordable Housing to build safe and secure affordable housing for the residents of Overtown,” Housing Trust Group President and CEO Matthew Rieger said.

The project should take 14 months to complete.

The second phase of Courtside Family Apartments will have 120 units for seniors. The third phase will have another 80 units.

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Story by: Brian Bandell – Apr 7, 2015, 2:23pm EDT
Photo Courtesy: Biz Journals
Photo Description: The Courtside Family Apartments in Miami are being developed by a partnership between Alonzo Mourning’s AM Affordable Housing and Housing Trust Group

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