A massive public-private partnership between the county and Pinnacle Housing Group is developing a $53 million, 15-building affordable housing community, dubbed Kings Terrace, in Northwest Miami-Dade, the affordable housing developer announced. The project will provide rental housing for approximately 1,200 residents.
The County has contributed $17 million worth of funds it has received from the the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program, making Kings Terrace the largest single recipient of NSP funding in Miami.
Rents at Kings Terrace range from $588 for a one-bedroom apartment to $1,031 for a four-bedroom. Each modern and spacious unit will feature fully equipped kitchens with energy efficient appliances, ceramic tile flooring throughout, ceiling fans, vertical blinds and floor-to-ceiling windows.
“Kings Terrace represents a new beginning for hundreds of families in need and the surrounding neighborhood,” Mitchell Friedman, partner at Pinnacle Housing Group, said. “Beyond providing affordable housing solutions, we are also breathing new life into one of Miami-Dade County’s most underserved communities. This public-private partnership is a model for how federally allocated dollars can make a direct impact at the local level.” —Christopher Cameron