An affordable housing community called Princeton Park is set to break ground later this month in south Miami-Dade County after Housing Trust Group secured the financing needed to build the $36 million complex.
Located at 13105 Southwest 248 Street in the Princeton Community Urban Center District, the eight-acre development will be comprised of 150 affordable apartments reserved for households earning at or below 60 percent of the Area Median Income, which is currently a little over $45,000 for a family of four.
Rents will range from $384 per month for one-bedroom units to $984 per month for three-bedroom units, and will remain affordable for 50 years. The development is utilizing a federal program called Low Income Housing Tax Credits (LIHTC), which is administered through the state and provides financing for affordable housing.
Princeton Park’s amenities include a large clubhouse with a fitness center, multi-purpose community room, work stations, and a swimming pool. Apartment interiors will feature granite countertops and luxury flooring. HTG, in collaboration with Miami Heat legend Alonzo Mourning, also opened Courtside Apartments in Overtown last fall.
The new project, designed by Albert Cordoves with Corwil Architects, is expected to be completed next summer.