MIAMI — Housing Trust Group (HTG) has broken ground on Rainbow Village, a $185 million mixed-use development with 310 affordable housing units in Miami. Spanning 698,000 total square feet, Rainbow Village will also offer about 12,000 square feet of retail space, 50,000 square feet of amenity space and 442 parking spaces.
Located at 2000 NW 3rd Ave., Rainbow Village will offer 30 studios, 163 one-bedroom units, 85 two-bedroom residences, 28 three-bedroom units, and 4 four-bedroom apartments. The community will be reserved for households earning at or below 30, 50, 60, 70 and 80 percent of the area median income. Monthly rents will range from $793 to $2,634.
Planned amenities include a pool, business center, lounge area, day care, playground, open and covered courtyards, theater room, community center with kitchen, bike storage room, juice bar, study and play areas, a fitness center and fire pit area.
Tenants will also have access services such as check-ins and assistance with housekeeping, grocery shopping and laundry, as well as various community events and daily activities.
Construction is expected to be completed in Q1 2027. Leasing will commence in late 2026.
KeyBank Real Estate Capital provided $52 million and JPMorgan Chase Bank provided $57.2 million in construction financing for the project.
Additional funding sources included roughly $70 million in four percent LIHTC equity syndicated by Raymond James Equity Investor; $15 million in State Apartment Incentive Loan financing; $60.4 million in permanent financing provided by KeyBank Real Estate Capital; a $500,000 grant provided by Miami-Dade County, a $3.1 million PHCD seller note; a $3 million PHCD HOME loan; a $15 million loan provided by the Southeast Overtown/Park West Community Redevelopment Agency and $11.8 million in Bond Reinvestment Earnings.
The development team for the project includes general contractor ANF Group, architect Zyscovich Inc., civil engineer Kimley-Horn and Associates Inc., interior designer Builder’s Design and landscape architect Witkin Hults.