MIAMI — Housing Trust Group (HTG), a leading multifamily developer, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have opened Tucker Tower. The $44 million affordable housing community for seniors age 62 and older is located in the Perrine neighborhood of southern Miami.
Tucker Tower, the eighth joint venture between HTG and AM Affordable Housing, will be reserved for households earning at or below 25, 30 and 60 percent of the area median income (AMI). With rents ranging from $463 to $1,359 per month, these rates are a notable contrast to the average rental prices in Miami-Dade County, which currently stand at $2,451.
According to a recent study from the University of Florida, Miami-Dade County has a gap of more than 90,000 affordable and available units for renter households with incomes below 80 percent of AMI. This gap is projected to grow to nearly 116,000 units by 2030 unless affordable units are added.
Tucker Tower is an eight-story community offering a mix of one- and two-bedroom units ranging from 601 square feet to 895 square feet. Six units are fully accessible and three units are hearing impaired units.
Funding sources for Tucker Tower include $28.4 million in 9 percent Low-Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James and purchased by Bank of America; a $30 million construction loan from Bank of America; a $9.5 million permanent loan from Berkadia; and an additional $3.2 million in tax credit equity through the 2022 Construction Housing Inflation Response Program (CHIRP). HTG was also granted Miami-Dade County Surtax funding in the amount of $2.4 million.
The project team includes general contractor BDI Construction, engineer HSQ Group LLC, architect Corwil Architects, landscaper Witkin Hults and interior designer B. Pila Design Studio.