MIAMI — Housing Trust Group (HTG) and AM Affordable Housing have broken ground on Tucker Tower, a $44 million affordable housing community in Miami for seniors age 62 and older.
Located in the city’s Perrine neighborhood, the eight-story property’s apartments will be reserved for income-qualifying residents who earn at or below 25, 30 and 60 percent of area median income (AMI), with rents ranging from $457 to $1,317 per month. The property is scheduled to open in early 2024.
The project team for Tucker Tower includes general contractor BDI Construction; engineer HSQ Group LLC; architect Corwil Architects; landscaper Witkin Hults; and interior designer B. Pila Design Studio.
Tucker Tower is the fifth affordable housing collaboration between HTG and AM Affordable Housing, a nonprofit developer founded by former NBA player Alonzo Mourning.
Capital 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), an emergency program established by the Florida Housing Finance Corp.
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