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By Adriana Marinescu
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Housing Trust Group has completed Heron Estates Senior, a 101-unit, affordable senior property in Riviera Beach, Fla. The city’s first affordable development in 40 years is the result of a public-private partnership between HTG and the Riviera Beach Housing Authority. The community caters to adults aged 62 and over with incomes at or below 60 percent of the area’s median income.
The developer broke ground on the $24 million project in May 2018, with David Lawrence Architecture as architect, Wantman Group Inc. as engineer and Gulf Building LLC as general contractor. Financing sources include a $5.7 million SAIL and ELI loan from Florida Housing Finance Corp., $12 million of multifamily housing tax exempt bonds from the Palm Beach County Housing Finance Authority and $10 million of housing credit equity from CREA LLC.
Heron Estates Senior occupies 15 acres at 2003 W. 17th Court, on the former Ivey Green public housing site. The property is near Interstate 95, 1.3 miles north of JFK Medical Center and less than 3 miles east of VA Medical Center. Downtown Riviera Beach is 2.3 miles east. The three-story community offers one- and two-bedroom apartments. Amenities include a swimming pool and jacuzzi spa, community room, fitness center and computer center.
In May, HTG and partner Miami Jewish Health Systems completed a similar community in Broward County. The developers broke ground on the $36 million, 110-unit affordable senior property in January 2018.
Housing Trust Group has completed Heron Estates Senior, a 101-unit, affordable senior property in Riviera Beach, Fla. The city’s first affordable development in 40 years is the result of a public-private partnership between HTG and the Riviera Beach Housing Authority. The community caters to adults aged 62 and over with incomes at or below 60 percent of the area’s median income.
The developer broke ground on the $24 million project in May 2018, with David Lawrence Architecture as architect, Wantman Group Inc. as engineer and Gulf Building LLC as general contractor. Financing sources include a $5.7 million SAIL and ELI loan from Florida Housing Finance Corp., $12 million of multifamily housing tax exempt bonds from the Palm Beach County Housing Finance Authority and $10 million of housing credit equity from CREA LLC.
Heron Estates Senior occupies 15 acres at 2003 W. 17th Court, on the former Ivey Green public housing site. The property is near Interstate 95, 1.3 miles north of JFK Medical Center and less than 3 miles east of VA Medical Center. Downtown Riviera Beach is 2.3 miles east. The three-story community offers one- and two-bedroom apartments. Amenities include a swimming pool and jacuzzi spa, community room, fitness center and computer center.
In May, HTG and partner Miami Jewish Health Systems completed a similar community in Broward County. The developers broke ground on the $36 million, 110-unit affordable senior property in January 2018.