Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, announces the official completion of Heron Estates Family, a new $21.4 million affordable townhome community in Riviera Beach, Florida. Townhomes at Heron Estates Family are set aside for income-qualifying residents who earn at or below 30, 60, and 70 percent of the area median income (AMI), with rents ranging from $290 to $1,638 per month. Heron Estates Family is 100% occupied.
HTG commemorated the community’s official grand opening with a private reception hosted on July 18th. The event recognized members of the building and design team, along with the partners and public officials who were instrumental in making Heron Estates Family a reality. Civic leaders in attendance included City of Riviera Beach Mayor Ronnie L. Felder, Palm Beach Housing and Economic Development Director Jonathan Brown, Riviera Beach Chairman Douglas Lawson, Councilwoman Shirley Lanier, Riviera Beach Housing Authority Chairman Jeffrey Jackson, and Executive Director John Hurt, among other board members, city and county staff.
The development is a public-private partnership between HTG and the Riviera Beach Housing Authority and represents the final completed phase of a two-phase redevelopment of the former Ivey Green Village, a public housing development that was demolished in 2006 following heavy hurricane damage. Completed by HTG in 2019, Heron Estates Senior, a 101-unit garden-style apartment community for residents 62 and older, marked the first new affordable housing community for seniors to be built in the city in over 40 years.
“The Riviera Beach Housing Authority expresses profound gratitude for the invaluable partnership that has culminated in the creation of an exceptional affordable housing opportunity in the vibrant city of Riviera Beach. This collaborative effort between the Housing Authority and HTG exemplifies the power of unity and shared vision in addressing the pressing need for accessible and affordable housing,” said Chairman of the Board, Jeffrey Jackson.
“The citizens of Riviera Beach are truly blessed to have a dedicated and compassionate leadership team comprising of a Mayor, City Council, and City Manager. They consistently demonstrate their unwavering commitment to the well-being of our community by actively addressing vital issues like affordable housing. This collective effort ensures that the needs and concerns of our community are heard and acted upon, fostering a stronger and more vibrant city for all.”
Located at 2003 West 17th Court, the two-story townhome community offers a mix of spacious one-, two- and three-bedroom units ranging from 614 square feet to 1,164 square feet. Community amenities include a clubhouse with a catering kitchen, state-of-the-art fitness center, media and business center; a playground, pool, dog park, multipurpose sports court, and outdoor grill/lounge seating areas. Residents also have access to employment assistance, financial management, and literacy services on-site.
“Palm Beach County has experienced significant pressure from South Florida’s intense population growth and increasing housing shortage, with almost 12% of the county’s population, or 13 million people, living in poverty,” said Matthew A. Rieger, President and CEO of HTG. “This is especially true in the City of Riviera Beach – an underserved, working-class community that neighbors affluent Palm Beach. We are particularly proud to be part of the area’s transformation and the reprogramming of a troubled HUD asset into high-quality affordable housing for a community desperately in need.”
Funding sources for Heron Estates Family include $11 million in 9% Low-Income Housing Tax Credit equity provided by Florida Housing Finance Corporation, syndicated through JPMorgan Chase Bank who also provided a $6.3 million permanent loan; a $6.1 million loan from FHFC’s SAIL program; a $1.44 million loan from the National Housing Trust Fund (NHTF); and a $500,000 HOME loan from Palm Beach County.
The project team for Heron Estates Family includes general contractor Newport Construction LLC, architect Lunz Group, engineering firm WGI, and Christina Stiles Interiors.
About Housing Trust Group
Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities whose real estate transactions exceed $3 billion in commercial, land and residential developments across Florida, Texas, Illinois and Arizona. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments. For more information, please visit www.htgf.com.