Housing Trust Group (HTG), an award-winning developer of market-rate and affordable housing, is pleased to announce the completion of Flagler Station, a new $33 million affordable apartment community located in downtown West Palm Beach, Florida. It is the first new affordable apartment community to be built in the city’s downtown in 30 years.
A public-private partnership between HTG, the City of West Palm Beach and Palm Beach County, Flagler Station features 94 apartments reserved for residents earning no more than 30, 60, 70 or 80 percent of area median income, with rents ranging from $393 to $1,689. The property is ideally located just one block from the Florida TriRail/Amtrak station and five blocks from the Brightline commuter rail station connecting West Palm Beach with the cities of Miami, Fort Lauderdale, and Orlando.
The developer hosted a grand-opening ceremony with partners to commemorate the milestone on Monday, August 7. Speakers included Matthew A. Rieger, President and CEO of HTG; City of West Palm Beach Mayor Keith A. James and District 3 Commissioner Christy Fox, State House Representative Jervonte ‘Tae’ Edmonds; District 88, Executive Director Jonathan Brown from Palm Beach Housing & Economic Development Department, and Board Chairman Mario Facella of Florida Housing Finance Corporation.
“With a thousand people moving into Florida each day, investment in affordable housing has never been more essential,” said Rieger. “Flagler Station will provide much-needed housing for West Palm Beach’s service workers, first responders, teachers, and other lower-wage workers who play vital roles in the city’s economic success, but simply can’t find adequate, well-priced apartments near their jobs.”
According to Marcus and Millichap, the average rent in West Palm Beach jumped by more than 40 percent since the end of 2020, to $2,432 per month in March 2023. Sticking to the 30 percent rule, an individual or family would need to earn close to $100,000 per year to comfortably afford rent in the city.
"We extend our heartfelt gratitude to Housing Trust Group for their unwavering commitment to bringing affordable housing to the City of West Palm Beach. This partnership marks a significant milestone in our journey towards a more inclusive and vibrant community. We eagerly anticipate the positive impact this development will have on the City and its residents," said City of West Palm Beach, Mayor Keith A. James.
Located at 991 Banyan Boulevard, Flagler Station is an eight-story, high-rise property with a mix of one-, two- and three-bedroom apartments. Community amenities include a 3,200-square-foot, double-high multi-purpose clubroom, a computer/business center, a rooftop pool, a state-of-the-art fitness center, and on-site parking.
Named after Henry Flagler, the 19th-century industrialist who built the Florida East Coast Railway (FECR), Flagler Station’s site includes some of the original, now defunct FECR tracks, which have been incorporated into the development as part of a linear park featuring original artwork and murals. The City’s intent is to build out this park along the rest of the rail right of way to make it a true “rails to trails” conversion. This supports a transportation and mobility plan that the City adopted in 2018 featuring an integrated system of bike lanes, busways, train stations, trolley routes, sidewalks, and roads to reduce car traffic and make the city more pedestrian-friendly.
The building’s architectural design echoes the “brutalist” style that characterized the Old West Palm Beach City Hall, now demolished, and the Federal Courthouse buildings. With its partner, Corwil Architects, along with city officials, HTG delivered a design that is both contemporary and historic in its aesthetic. Archways were incorporated into the building facade to showcase structural elements, while giving reference to the Beaux Arts architecture of Grand Central Terminal.
Financing sources for Flagler Station include $23.27 million in 9% low-income housing tax credits through the Florida Housing Finance Corporation (FHFC) that were purchased by CREA; a $20.3 million construction loan from KeyBank; an $8.93 permanent loan through Freddie Mac; a $75,000 City of West Palm Beach loan; a $314,446 Palm Beach County grant; and a $550,000 HOME loan from Palm Beach County.
The project team for Flagler Station is general contractor Rinaldi Construction, engineer and landscape designer WGI, Inc., architecture firm Corwil Architects, and interior designer B. Pila Designs.
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, announces the official completion of Heron Estates Family, a new $21.4 million affordable townhome community in Riviera Beach, Florida. Townhomes at Heron Estates Family are set aside for income-qualifying residents who earn at or below 30, 60, and 70 percent of the area median income (AMI), with rents ranging from $290 to $1,638 per month. Heron Estates Family is 100% occupied.
HTG commemorated the community’s official grand opening with a private reception hosted on July 18th. The event recognized members of the building and design team, along with the partners and public officials who were instrumental in making Heron Estates Family a reality. Civic leaders in attendance included City of Riviera Beach Mayor Ronnie L. Felder, Palm Beach Housing and Economic Development Director Jonathan Brown, Riviera Beach Chairman Douglas Lawson, Councilwoman Shirley Lanier, Riviera Beach Housing Authority Chairman Jeffrey Jackson, and Executive Director John Hurt, among other board members, city and county staff.
The development is a public-private partnership between HTG and the Riviera Beach Housing Authority and represents the final completed phase of a two-phase redevelopment of the former Ivey Green Village, a public housing development that was demolished in 2006 following heavy hurricane damage. Completed by HTG in 2019, Heron Estates Senior, a 101-unit garden-style apartment community for residents 62 and older, marked the first new affordable housing community for seniors to be built in the city in over 40 years.
“The Riviera Beach Housing Authority expresses profound gratitude for the invaluable partnership that has culminated in the creation of an exceptional affordable housing opportunity in the vibrant city of Riviera Beach. This collaborative effort between the Housing Authority and HTG exemplifies the power of unity and shared vision in addressing the pressing need for accessible and affordable housing,” said Chairman of the Board, Jeffrey Jackson.
“The citizens of Riviera Beach are truly blessed to have a dedicated and compassionate leadership team comprising of a Mayor, City Council, and City Manager. They consistently demonstrate their unwavering commitment to the well-being of our community by actively addressing vital issues like affordable housing. This collective effort ensures that the needs and concerns of our community are heard and acted upon, fostering a stronger and more vibrant city for all.”
Located at 2003 West 17th Court, the two-story townhome community offers a mix of spacious one-, two- and three-bedroom units ranging from 614 square feet to 1,164 square feet. Community amenities include a clubhouse with a catering kitchen, state-of-the-art fitness center, media and business center; a playground, pool, dog park, multipurpose sports court, and outdoor grill/lounge seating areas. Residents also have access to employment assistance, financial management, and literacy services on-site.
“Palm Beach County has experienced significant pressure from South Florida’s intense population growth and increasing housing shortage, with almost 12% of the county’s population, or 13 million people, living in poverty,” said Matthew A. Rieger, President and CEO of HTG. “This is especially true in the City of Riviera Beach – an underserved, working-class community that neighbors affluent Palm Beach. We are particularly proud to be part of the area’s transformation and the reprogramming of a troubled HUD asset into high-quality affordable housing for a community desperately in need.”
Funding sources for Heron Estates Family include $11 million in 9% Low-Income Housing Tax Credit equity provided by Florida Housing Finance Corporation, syndicated through JPMorgan Chase Bank who also provided a $6.3 million permanent loan; a $6.1 million loan from FHFC’s SAIL program; a $1.44 million loan from the National Housing Trust Fund (NHTF); and a $500,000 HOME loan from Palm Beach County.
The project team for Heron Estates Family includes general contractor Newport Construction LLC, architect Lunz Group, engineering firm WGI, and Christina Stiles Interiors.
Housing Trust Group (HTG), a leading multifamily developer, has closed on financing and commenced construction on Hillsboro Landing, a new $41 million affordable senior community with 75 apartments in Deerfield Beach, Florida. The community is a joint venture between HTG and the Broward County Housing Authority, whose mission is to provide stable, quality affordable housing opportunities for low and moderate-income families and seniors.
Apartments at Hillsboro Landing will be reserved for income-qualifying residents aged 62 and older who earn at or below 22, 25 and 60 percent of the area median income (AMI). Monthly rents will range $374 to $1,225. Construction is scheduled to commence in June 2023 with completion expected by October 2024. It is the first of a two-phase redevelopment of a former public housing site that was demolished in 2007.
“There’s a tremendous need for affordable housing in South Florida’s smaller downtown beach communities like Deerfield Beach, where strong demand from high-earners threatens to push out middle- and lower-income families,” said Matthew A. Rieger, President and CEO of HTG. “As we have done with our partners in Riviera Beach, West Palm Beach and Hollywood, HTG is working closely with public officials and other housing groups to ensure these towns maintain a mix of high-quality housing for all income levels, which is key to ensuring vibrant, healthy communities.”
Located at 3851 N Dixie Highway, Hillsboro Landing will be a six-story, pet-friendly residential building featuring spacious one and two-bedroom apartments, with 45 one-bedroom units spanning 702 square feet and 30 two-bedroom units spanning 927 square feet. It will have 5,000 square feet of amenity space including a multipurpose room, state-of-the-art fitness center, bocce ball court and outdoor rooftop terraces, along with 96 parking spots. The National Green Building Standard Certified-property will also have energy-efficient lighting and appliances. The property is ideally located east of I-95 just 15 minutes to Hillsboro and Pompano Beaches, five minutes from Broward Health North, and less than 10 minutes from several Publix grocery stores and a Whole Foods.
Funding sources include $17.4 million in 9% Low-Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James, a construction loan of $25 million provided by Fifth Third Bank, a permanent loan of $12.17 million provided by Grandbridge Real Estate Capital, a State Apartment Incentive Loan (SAIL) and Community Housing Impact and Preservation (CHIRP) loan totaling $7.1 million, an Extremely Low Income (ELI) loan of $600,000 and a Broward Housing Finance Authority (BHFA) grant of $100,000.
The design and construction team for Hillsboro Landing includes ATL Architecture, general contractor Ferncore Corporation, engineer Keith & Associates, interior design by Builders Design and landscape architecture by Sieger Suarez Architects.
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HOUSING TRUST GROUP & AM AFFORDABLE HOUSING COMPLETE AFFORDABLE COMMUNITY FOR SENIORS IN FLORIDA PANHANDLE
Shoreline Villas’ amenities include a pickleball court, putting green, community garden, dog park, and pool – with rents starting at $587 per month
Fort Walton Beach, Fla. (April 26, 2023) – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, and AM Affordable Housing, a non-profit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, announce the official completion of Shoreline Villas, a new 72-unit affordable housing community catering to seniors (62 and older) in Fort Walton Beach, Florida. Apartments at Shoreline Villas are reserved for age- and income-qualifying residents who earn at or below 33 and 60 percent of the area median income (AMI), with rents ranging from $587 to $1,300 per month.
Located at 302 Dates Avenue NW, the three-story garden-style community offers an array of attractive amenities including a 3,155-square-foot clubhouse with a spectacular, two-story atrium, an activity room that includes a catering kitchen and bar, computer stations, and gathering areas. Other amenities include a theater room, fitness center; an 800-square-foot, luxury-style swimming pool; a putting green, pickleball court, and walking path; a dog park; and a community garden. Residents also have access to literacy training, financial assistance, and employment assistance services on-site.
“As rents skyrocket across the state of Florida, Shoreline Villas provides a safe haven for seniors on limited budgets – a place they can afford and be proud to call home,” said Matthew A. Rieger, President and CEO of HTG. “This community is one of the newest in our multifamily portfolio, catering to seniors with an active lifestyle by providing a number of high-quality amenities.”
Funding sources for Shoreline Villas include $10.4 million in 9% Low Income Housing Tax Credit Equity (LIHTC) from JP Morgan Chase and Raymond James as Syndicator, a $11.9 million construction loan and $5.1 million permanent loan, both provided by JP Morgan Chase Bank.
The project team for Shoreline Villas includes general contractor HTG Hennessy LLC, architect PQH Group, engineering firm Choctaw Engineering, landscape architect Booth Design Group, interior designer Stiles Interior and Builders Design, and surveyors Panhandle Associates.
About Housing Trust Group
Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities whose real estate transactions exceed $3 billion in commercial, land and residential developments across Florida, Texas, Illinois and Arizona. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments. For more information, please visit www.htgf.com.
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on financing of Riverview6, a new $34 million affordable family housing community located in Bradenton, FL.
Apartments at Riverview6 will be reserved for income-qualifying residents who earn at or below 30, 60 and 70 percent of the area median income (AMI), with rents ranging from $486 to $1,571 per month. The property is scheduled to deliver in mid – 2024.
Funding sources for Riverview6 include $22 million in 9% Low Income Housing Tax Credit equity syndicated through Raymond James. As well as a $23 million construction loan through Fifth Third Bank, a $6.6 million permanent loan through Grandbridge and Freddie Mac, a $1.4 million loan from Manatee County, a $1.3 million soft loan from Bradenton CRA, and an additional $460,000 loan from the City of Bradenton, as well as $3.7 of deferred developer fee equity.
“There’s no doubt that the need for affordable housing is incredible, and will only intensify in 2023 as inflation and other rising construction costs continue to impact plans for new affordable communities,” said Matthew A. Rieger, President and CEO of HTG. “We are particularly grateful to be building Riverview6 for families in need of affordable homes and for the significant financial support that we received from the City of Bradenton, the City CRA, and Manatee County. Without them, this project would not have been feasible.”
Located in the heart of Bradenton, Riverview6 will revitalize a full city block at the prime intersection of Manatee Avenue and 9th Street West. The five-story development will offer a mix of one-, two-, and three-bedroom units ranging from 601 square feet to 1,085 square feet. Amenities will include a community clubhouse with catering kitchenette and dining areas, lounging and gaming areas, and a fitness center.
Riverview6 will provide its residents with an array of support services such as an employment assistance program and a financial management program.
The project team for Riverview6 includes general contractor Hennessy Construction; civil engineering and landscape firm Thomas Engineering; architect Flux Architects; and interior designer Builders Design.
Orchid Lake will deliver 90 affordable apartments with monthly rents starting at $228
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, and Housing for Homeless, Inc., a nonprofit that provides the homeless of Brevard County with support services and safe housing solutions, have closed on financing on Orchid Lake, a new $30 million affordable housing community located in Cocoa, Florida.
Apartments at Orchid Lake will be reserved for income-qualifying residents who earn at or below 22, 33 and 60 percent of the area median income (AMI), with rents ranging from $228 to $1,107 per month. The property is scheduled to deliver in early 2024.
Funding sources for Orchid Lake include $15.7 million in 9% Low Income Housing Tax Credit equity syndicated through Raymond James. As well as a $9 million loan through the State Apartment Incentive Loan program (SAIL), a $380,000 loan from Florida Housing ELI, and an additional $556,500 loan from the National Housing Trust Fund through the Florida Housing Finance Corporation and a $2.6 million loan through Raymond James Bank.
“The need for affordable housing in Florida is at an all-time high, and parts of the Space Coast are feeling that need the most,” said Matthew A. Rieger, President and CEO of HTG. “At a critical time when plans for many affordable communities are getting canceled due to inflation and other rising construction costs, we are particularly grateful to be building Orchid Lake with the help of our committed partner, Housing for Homeless. We look forward to continuing to help address the demand and building a quality, safe affordable housing community for the residents of Brevard County.”
Located at the southwest corner of University Lane and Michigan Avenue, Orchid Lake will be a three-story community offering a mix of one-, two-, and three-bedroom units ranging from 802 square feet to 1,137 square feet. Amenities will include a clubhouse and fitness center, community splash pad and playground, outdoor BBQ area, and media room for residents. In-unit amenities include Energy Star®-rated appliances, modern fixtures and vinyl plank flooring.
Orchid Lake will also provide its residents with an array of support services that include adult literacy training, an employment assistance program, and financial management program.
The project team for Orchid Lake includes general contractor Hennessy Construction; engineer DRMP; architect FK Architecture; landscape architect Manley Design; and interior designer Builders Design.
