Housing Trust Group (HTG), a prominent multifamily developer, has recently secured financing and begun construction on Naranja Grand, a new affordable senior community in Leisure City. With an estimated cost of $44 million, the development features 120 units and is the first phase of a two-phase project. HTG has partnered with Elite Equity Development, Inc., based in Miami Lakes, to bring this project to life. The development marks a significant step towards addressing the affordable and workforce housing shortage in Miami-Dade County.
The apartments at Naranja Grand are designated for residents who are 55 years or older and meet the income requirement of 30, 60, or 70 percent of the area median income (AMI). The monthly rent for these apartments will range from $580 to $1,625. The construction of these apartments is set to begin in January 2024, and the complex is expected to be ready for occupancy by Spring 2025.
“With rising rents at record rates all throughout Miami-Dade County, there is an overwhelming demand for affordable and workforce housing as workers and seniors are priced out of the urban core,” says Matthew Rieger, president and CEO of HTG. “Naranja Grand reflects our commitment to being a viable solution to this longstanding issue.”
Naranja Grand, an upcoming residential building, will be situated at the intersection of SW 280th St & SW 147th Ave. The building will span over 117,000 square feet and will house 91 one-bedroom and 29 two-bedroom units across eight floors. The building will offer its residents various amenities, including a spacious multipurpose community room with a theatre room, game area, and catering kitchen. In addition, it will have a state-of-the-art fitness center, outdoor recreational areas, and a dog park. The building will have modern and chic finishes and will be National Green Building Standard Certified, featuring energy-efficient lighting and appliances.
Naranja Grand will offer its residents an array of complimentary on-site programs to complement its residential offerings. These programs will include Resident Assurant Check-Ins, help with light housekeeping, grocery shopping, laundry, and various community events and daily activities.
In Phase II, there will be 200 units specifically designed for families. Once these units are completed, the residents of the Naranja Grand community will be able to access the pool located at the southern end of the family community.
The funding for the project includes $26 million in 9% Low-Income Housing Tax Credits (LIHTC) equity which was syndicated through Raymond James. Additionally, the project received a construction loan of $26.2 million from TD Bank, a permanent loan of $9 million from Freddie Mac through Berkadia, a Florida Housing Finance Corporation Viability Loan of $4.3 million, and a loan of $3 million from the Miami-Dade County Affordable Housing Surtax Program.
The design and construction team of Naranja Grand consists of several professionals from different fields. It includes ATL Architecture, Gomez Construction as the general contractor, EAC Consulting as the engineer, Builders Design for interior designing, and EGS2 Landscape Architecture for the landscape architecture.
