Housing Trust Group has secured financing and commenced construction on Naranja Grand, a new $44 million affordable senior community with 120 units in Leisure City, Miami-Dade County, Fla. Serving as the inaugural phase of a two-phase development, Naranja Grand is a collaborative effort between HTG and Miami Lakes-based Elite Equity Development, addressing the pressing need for affordable and workforce housing in Miami-Dade County.
Apartments at Naranja Grand will be reserved for income-qualifying residents aged 55 and older who earn at or below 30, 60 and 70 percent of the area median income. Monthly rents will range from $580 to $1,625. Construction is scheduled to begin in January 2024, and the property is expected to be completed by spring 2025.
“With rising rents at record rates all throughout Miami-Dade County, there is an overwhelming demand for affordable and workforce housing as workers and seniors are priced out of the urban core,” said Matthew Rieger, pr
