A $58 million affordable housing development has opened in Miami's Overtown neighborhood, adding 120 income-restricted apartments to a county that is short tens of thousands of units families can afford. Courtside Apartments II was developed by Housing Trust Group alongside AM Affordable Housing, the nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, and it is now accepting applicants.
According to Miami Times, the ribbon-cutting ceremony for Courtside II took place on October 9, though Florida YIMBY places the grand-opening ceremony on October 19. That event reportedly brought together HTG president and CEO Matthew Rieger, Mourning, Miami-Dade Mayor Daniella Levine Cava, Commissioner Christine King, Commissioner Keon Hardemon, and other local officials, per Florida YIMBY. Rieger said the opening culminated a vision begun more than a decade ago, thanking community leaders, Overtown residents, and Mourning himself, while separately stating that longtime residents should be able to stay and share in Overtown's future, according to the same outlet.
Mourning, who per Florida YIMBY has worked with children and families in Overtown for more than 20 years, said families who helped build the neighborhood deserve a safe, stable home and a place in its future, the outlet reported. The project marks the 11th affordable housing community completed through the Housing Trust Group and AM Affordable Housing partnership, which has delivered more than 1,000 apartments across Florida and Texas over the past decade, according to Florida YIMBY.
Rents, Income Tiers, and a Fog of Conflicting Figures
Reported pricing for Courtside II varies significantly depending on the source. Miami Times reports that monthly rents begin at $683 for households earning between 30% and 70% of area median income. But Multi-Housing News reports a different range entirely, with rents running from $985 to $3,092 for households earning at or below 50%, 60% and 70% of area median income. A Miami-Dade County flyer, meanwhile, advertises one-, two- and three-bedroom units starting at $1,543. None of the available sources clarify which figures apply to which bedroom sizes or income tiers, leaving the full pricing picture unresolved.
The development itself totals 120 units split between 58 one-bedroom, 40 two-bedroom and 22 three-bedroom apartments, per Multi-Housing News, which describes Courtside II as featuring a clubhouse, media center, fitness center, dog park and bike storage. Florida YIMBY's account lists a clubhouse with a catering kitchenette, media center, fitness center and bicycle storage, along with in-unit features like full-size Energy Star-rated appliances, luxury vinyl plank flooring and modern fixtures. Courtside II also offers complimentary programming including adult literacy training, employment assistance, financial management courses and community events, Florida YIMBY reports.
Financing Pulled From Multiple Public and Private Sources
Courtside II broke ground in December 2024 using a mix of public and private loans, including financing from JPMorgan Chase and the Miami-Dade County Affordable Housing Surtax Program, Miami Times reports. Multi-Housing News specifies that the financing package included a $30 million JPMorgan Chase construction loan and $25.9 million in 4% Low-Income Housing Tax Credit equity syndicated through Truist Bank. Corwil Architects served as the design and construction team, with BDI Construction as general contractor, according to the same outlet.
The development sits on a campus with the original Courtside Apartments, an 84-unit, $22.8 million project that took a decade to build and opened in 2016 near the Overtown Youth Center, Miami Times reports. Housing Trust Group has also worked with Elite Equity Development on Naranja Grand Community, a two-phase, $115 million, 320-unit affordable housing development elsewhere in Miami, Multi-Housing News notes.
A Drop in the Bucket Against a 90,000-Unit Gap
Courtside II's 120 units land in a county facing a shortfall of 90,181 affordable housing units for households earning below 80% of area median income, according to Miami Homes For All. The organization reports roughly 14,000 additional units across 101 projects are in the pipeline, which would require approximately $1.5 billion in funding to build. Rent across the Miami-Fort Lauderdale-West Palm Beach metro area has climbed more than 50% since January 2020, Miami Times reports, and more than half of Miami renters were cost-burdened as of 2024, spending at least 30% of their income on housing.
The squeeze is sharpest for lower earners. Ninety percent of Miami-Dade renters making less than $50,000 a year pay more than they can afford for housing, according to NBC6 South Florida. The outlet also reports that of the 21 Miami-Dade occupations expected to add at least 1,000 workers by 2030, 14 carry a median hourly wage of $19 or less — underscoring the gap between local wages and local rents that projects like Courtside II are meant to narrow, one building at a time.
