Grand Opening: Tucker Tower Senior Community Offers Vibrant Living in Perrine
Tucker Tower, a new $44 million affordable housing community for seniors ages 62 and older in the Perrine neighborhood, is complete.
The announcement was made by Housing Trust Group (HTG), a prominent multifamily developer, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning.
The seventh collaborative project between HTG and AM Affordable Housing, Tucker Tower, will only be accessible to individuals who meet certain income requirements. That is, those who make 25, 30, and 60% of the area median income (AMI) or less will be eligible to live there.
These monthly rental costs, which range from $463 to $1,359, are significantly less expensive than Miami-Dade County’s average rental price of $2,451.
On Monday, March 4, the developer celebrated the milestone with partners at a grand-opening event.
The building and design team members as well as those who played a key role in making Tucker Tower a reality were honored at the occasion. Director of AM Affordable Housing Alonzo Mourning, President and CEO of HTG Matthew A.
Rieger, Mayor Daniella Levine-Cava of Miami-Dade County, Director of Miami-Dade County Public Housing and Community Development Alex Ballina, and Commissioner Kionne L. McGhee of District 9 were among the speakers.
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“We are excited to help Perrine, a growing working-class neighborhood in Miami-Dade County, grow more high-quality, affordable housing as a result of the city’s population boom and the growing number of people moving south to find more affordable housing,” Rieger said.
“We also anticipate delivering on our promise to address the urgent housing crisis for seniors, who comprise one of the most economically disadvantaged groups in Miami-Dade County and for whom housing affordability is still a major concern for most.”
A recent University of Florida study indicates that there is a shortage of over 90,000 affordable rental units in Miami-Dade County for households whose income is less than 80% of the region’s median income. In the absence of further reasonably priced homes, this deficit is expected to increase to about 116,000 units by 2030.
Tucker Tower, an eight-story building with a mix of one- and two-bedroom apartments ranging in size from 601 square feet to 895 square feet, is situated at 9940 W. Hibiscus Street. Three units are designated for those with hearing impairments, while six units are accessible.
A modern library equipped for work or play, a multipurpose movie room, a luxurious swimming pool, a state-of-the-art fitness center, a pet grooming station, and lighting pathways along accessible routes for increased safety are among the amenities. Energy-star appliances, contemporary fixtures, and vinyl plank flooring are among the in-unit features.
Tucker Tower’s funding comes from a variety of sources, including a $30 million construction loan from Bank of America, a $9.5 million permanent loan from Berkadia, $28.4 million in 9 percent Low-Income Housing Tax Credit equity syndicated through Raymond James and acquired by Bank of America, and an additional $3.2 million in tax credit equity through the 2022 Construction Housing Inflation Response Program (CHIRP).
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The Florida Housing Finance Corporation swiftly and effectively created the CHIRP emergency program to close funding gaps brought on by labor shortages, supply chain delays, inflation, and rising building material prices. Miami-Dade County Surtax money of $2.4 million was also awarded to HTG.
The general contractor, BDI Construction; the engineer, HSQ Group, LLC; and the architect, Corwil Architects, comprise the Tucker Tower project team.
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