MIAMI — Housing Trust Group has broken ground on Rainbow Village, a $185 million affordable housing development located at 2000 N.W. Third Ave. in Miami.
Spanning 698,000 square feet, the community will feature 310 units alongside 12,000 square feet of retail space, 50,000 square feet of amenities and 442 parking spaces.
Units will be offered in studio, one-, two-, three- and four-bedroom configurations for income-qualifying residents who earn at or below 30 percent to 80 percent of the area median income (AMI). Monthly rents for one-, two- and three-bedroom apartments will range from $793 to $2,634, according to Housing Trust Group.
“As Miami continues to face a growing demand for affordable housing, Rainbow Village will offer much-needed relief to working families throughout the community,” says Matthew Rieger, president and CEO of Housing Trust Group.
Shared amenities at the property will include a resort-style swimming pool, business center, lounge area, daycare, playground, covered and open courtyards, a theater room, community center, juice bar, bike storage room, fitness center, study and play areas and a fire pit.
Housing Trust Group expects to complete construction in first-quarter 2027, with leasing to begin in late 2026.
Funding for Rainbow Village includes $70 million in Low-Income Housing Tax Credits (LIHTC) syndicated by Raymond James; a $15 million State Apartment Incentive Loan; $57.2 million in construction financing provided by JPMorgan Chase Bank; and $52 million in construction financing and $60.4 million in permanent financing provided by KeyBank Real Estate Capital.
The project was also provided a grant from Miami-Dade County and financing from the Southeast Overtown/Park West Community Redevelopment Agency. The development team includes ANF Group, Zyscovich, Kimley-Horn, Builder’s Design and Witkin Hults.
Locally based Housing Trust Group is a developer of multifamily communities with a portfolio of over $4 billion in commercial projects across Florida, Texas, Illinois and Arizona. After the completion of Rainbow Village, the group will have developed 1,500 affordable housing units across 12 properties in Miami-Dade County.
— Katie Sloan