Housing Trust Group (HTG) has closed on financing and started construction on a new $18.5 million affordable housing development for seniors in downtown Miami’s Overtown neighborhood.
The community will be named after the late Rev. Canon Richard Livingston Marquess-Barry, a community leader, housing advocate, and former pastor of the Historic St. Agnes Episcopal Church in Overtown, who died in March.
Father Marquess-Barry Apartments will provide 60 new affordable one- and two-bedroom apartments for residents 62 and older. Six homes will serve residents earning 28% of the area median income (AMI), 48 units will be at 60% of the AMI, and six will be workforce apartments. Rents will range from $372 to $1,200 a month for qualifying residents.
The community is scheduled to be completed in April 2021.
The development is a partnership between developer HTG, Miami-Dade County, and the nonprofit Rainbow Housing Corp., which granted HTG a 99-year ground lease to build on the site. The community will be developed in compliance with Miami-Dade County's Responsible Wages and Benefits for Construction Contracts, and the developer is working with the Miami-Dade County Arts in Public Places program to commission original artwork on the property.
“The pandemic has further deepened income inequality in Miami and exacerbated the city’s already dire affordable housing crisis, so the need for new affordable housing communities has never been greater,” said HTG president and CEO Matthew A. Rieger. “Father Barry was a lifelong champion for opportunity, justice, and civil rights, and was instrumental in bringing more safe, affordable housing to Overtown. It was a true privilege to work with him over the years, and he will be deeply missed.”
Funding sources for Father Marquess-Barry Apartments include $9.4 million in 9% low-income housing tax credit equity provided by Raymond James Tax Credit Funds, a $13 million construction loan from TIAA Bank, a $6 million permanent loan through Freddie Mac/Walker & Dunlop, and $2 million in HOME funding through Miami-Dade County.
Community amenities include a large multipurpose club room for community and property gatherings; a state-of-the-art fitness center; a library and media center with computers, a secure package-delivery locker system, and indoor mail room; and bike racks.
Units will include Energy Star-rated appliances, granite countertops, and side-by-side washers and dryers. Residents of the property will also have access to free on-site programs, including literacy training, assistance with light housekeeping/grocery shopping, and other community events and activities. The property will be built to the National Green Building Standard.
Father Marquess-Barry Apartments is located next to Williams Park and across the street from Courtside Apartments, an HTG property that has received numerous national design awards over the past two years. HTG also recently secured a ground-lease for the redevelopment of nearby Rainbow Village, which will add over 1,000 more affordable apartments to the community.
The building design team for Father Marquess-Barry Apartments is general contractor BDI Construction, architect Modis Architects, engineering firm HSQ Engineers, interior designer B Pila Design Studio, and landscape architect JBC Planning and Design.
