Two new eight-story buildings at 28150 and 28050 SW 147th Avenue officially opened this week, bringing 320 income-restricted apartments to South Miami-Dade County with rents starting under $500 a month. Housing Trust Group and Elite Equity Development hosted a grand-opening ceremony on Monday marking the completion of Naranja Grand I and II, a $115 million residential development built for seniors and working families squeezed by the region's housing costs.
According to the Miami Herald, the ceremony drew Miami-Dade County Commissioner Kionne L. McGhee and Mayor Daniella Levine Cava, underscoring the local stakes of a project meant to slow the exodus of longtime residents priced out of the county. Rents at Naranja Grand run as low as $471 per month, per that report, at a moment when Miami has surpassed New York as the nation's most expensive metro area. Matthew A. Rieger, in comments carried by the outlet, said many residents, especially seniors on fixed incomes, are leaving Miami altogether, and that too many neighbors are living paycheck to paycheck and barely getting by.
Two Buildings, Two Populations, One Site
The project was actually built in two distinct phases on the same 5.3-acre parcel: a $44 million, 120-unit senior building that broke ground in January 2024, and a $71 million, 200-unit family building that broke ground that April, according to Housing Trust Group. The senior building, certified to the National Green Building Standard, spans more than 117,000 square feet with 91 one-bedroom and 29 two-bedroom units, plus a theater room, game area, and complimentary resident services like check-ins, light housekeeping, and grocery shopping assistance, Housing Trust Group reports. The family building tops 212,000 square feet with 90 one-bedroom, 98 two-bedroom, and 12 three-bedroom units, and includes a resort-style pool, cyber cafe, and a multipurpose room with a catering kitchen, per the same source.
Rent tiers reflect just how deep the affordability targets go. Naranja Grand I sets aside apartments for seniors 55 and older earning at or below 30%, 60%, and 70% of Area Median Income, with initial rents from $580 to $1,625, while Naranja Grand II serves families earning at or below 22%, 30%, 60%, and 70% of AMI with rents spanning $425 to $1,878 a month, according to Multi-Housing News. That range allowed the developers to reach both extremely low-income households and workforce families within the same footprint.
A Complex Capital Stack Behind the Ribbon-Cutting
Financing the senior phase required $26 million in 9% Low-Income Housing Tax Credit equity syndicated through Raymond James, a $26.2 million construction loan from TD Bank, $9 million in permanent Freddie Mac financing via Berkadia, a $4.3 million Florida Housing Finance Corporation viability loan, and $3 million from the Miami-Dade County Affordable Housing Surtax Program, as detailed by Seniors Housing Business. The family phase leaned on $34 million in 4% SAIL LIHTC equity syndicated through U.S. Bank, alongside $36.5 million in construction loans split between JPMorgan Chase and TD Bank, $16.4 million in permanent Freddie Mac financing, a $7.6 million FHFC viability loan, and $5 million from the State Apartment Incentive Loan program, according to Multifamily Press. The Herald reported separately that J.P. Morgan provided construction financing for the project, and Tammy Haylock-Moore said the financing is helping expand access to affordable housing in one of the country's fastest-growing markets, adding that every family deserves a quality, affordable place to call home, and Naranja Grand delivers exactly that for hundreds of households in Miami-Dade County.
The development was designed by Miami-based Anillo Toledo Lopez Architecture and built by general contractor Gomez Construction, with civil engineering by EAC Consulting, interior design by Builders Design, and landscape design by EGS2 Landscape Architecture, per ATL Architecture. Co-developer Elite Equity Development, a Miami Lakes-based firm managed by Roosevelt and Nicole Bradley, originally owned the vacant site before partnering with Housing Trust Group to build on it, the firm notes.
Part of a Larger Push in Naranja Lakes
With Naranja Grand finished, attention in the Naranja Lakes Community Redevelopment Agency district is turning to other projects. The Phase II groundbreaking preceded a broader wave of projects in the area, including Housing Trust Group's Artisan Pointe development and its proposed 328-unit Lakeview at Naranja, along with Pinnacle's nearby Tropical Crossings senior housing.
The need for that pace of construction traces back to a stark shortfall: Miami-Dade County has a shortage of approximately 70,000 to 90,000 affordable rental homes, per the Herald's reporting. Statewide, National Low Income Housing Coalition data cited by Hoodline shows Florida has only 26 affordable and available rental homes for every 100 extremely low-income households, and a full-time worker must earn $37.93 an hour to afford average two-bedroom fair-market rent. Projects like Naranja Grand offer real relief to hundreds of households, while the scale of the region's housing gap underscores the need for continued attention to affordable housing.
