Locally-based Housing Trust Group has closed on financing for Paradise Lakes Apartments, a new $25 million garden-style affordable apartment community with ground-floor retail space in the West Kendall section of Miami. Construction is slated to begin immediately.
“Miami’s affordable housing crisis grows more dire each year, so it’s critical that more developments like Paradise Lakes get built, and the most effective way to do that is to expand the federal Low Income Housing Tax Credit program,” HTG’s President and CEO Matthew A. Rieger tells GlobeSt.com. “HTG currently has approximately 2,000 new affordable units in its pipeline in Florida, all made possible through the federal program. However, it’s not enough – we still need a lot more new supply to alleviate the pressure on our working families and seniors. Our hope is that this issue moves to the forefront of our nation’s priorities as we head into an election year.”
Paradise Lakes Apartments will provide 76 affordable apartments set aside for residents earning between 30 and 80 percent of the area’s median income. Monthly rent for qualifying residents will range from $401 to $1,443.
Funding sources for Paradise Lakes Apartments included $14.49 million in 9 percent Low Income Housing Tax Credit Equity (LIHTC) provided by City Real Estate Advisors; a $5.5 million loan from KeyBank, and $1.6 million in soft financing from Miami-Dade County. HTG purchased the 2.7-acre site in March of 2019 for $2.8 million. The property is expected to be delivered in April 2021, with pre-leasing set to begin in late 2020.
“This is an outstanding location, close to the hospital, grocery stores, public transportation, and great schools,” Rieger says. “We’re excited to have the opportunity to create something beautiful that Miami’s working families can afford.”
This is Housing Trust Group’s fifth affordable housing development in Miami-Dade County. The building and design team for Paradise Lakes Apartments is Modis Architects, HSQ Engineers and Gomez Construction Company. The property will be built to National Green Building Standards.
Paradise Lakes Apartments is a three-story building with elevator and 11,388 square feet of retail on the ground floor, with residential units on the second and third floors. It will consist of 56 one-bedroom, one-bath units, and 20 two-bedroom, two-bath units, ranging in size from 688 square feet to 1,108 square feet. Units will have washer/dryer hook-ups, full-size Energy-Star appliances, luxury wide plank flooring, and balconies.
Community amenities include a clubroom with a kitchen and lounge seating, state-of-the-art fitness center, business/computer room, a community garden with seating, smart storage lockers, electric car charging stations, bicycle racks and several activity areas.