Hollywood approves first major P3 affordable housing project

Miami /
Nov.November 03, 2015 05:45 PM

The Hollywood City Commission has approved its first unsolicited public-private partnership, with plans to build affordable housing on the currently vacant land.

Tuesday’s vote allows for Pinnacle Housing Group to develop a 100-unit rental building for seniors with an area median income of 60 percent or less, according to Arnstein & Lehr attorney Keith Poliakoff, who represents Pinnacle.

The current 60 percent income limit for a one-person senior household is $29,040 and $33,180 for a two-person household.

Under the Hollywood agreement, Pinnacle would purchase the land with an option to convert to a lease if needed. The city and community redevelopment agency currently own the land, which is on Adams Street, west of Dixie Highway.

Poliakoff told The Real Deal that Pinnacle first submitted a proposal in 2014, but the city of Hollywood had not yet updated its code to comply with state law, which now allows for unsolicited P3 proposals and enables local governments to open the process up to the public.

Affordable housing is something that is increasingly needed [in] Hollywood,” he told TRD. While working on this site, “I’ve received at least 100 calls from individuals seeking housing for family members.”

The project will include a club house, gym, cyber cafe, game rooms and outdoor recreation, according to the public documents. On Wednesday, Pinnacle will apply for the 9 percent housing tax credits from the Florida Housing Finance Corporation needed to fund the development.

P3s are typically used for roads, tunnels, stadiums and other public infrastructure projects, and less so on affordable housing, according to Poliakoff, and the new law has expedited the process. If Pinnacle receives the tax credits, the project will break ground in October 2016, with an expected move-in date of October 2017.

Pinnacle, a South Florida-based real estate firm, develops affordable and workforce housing. The firm most recently completed Gibson Plaza, a 56-unit project in Miami’s Coconut Grove that targets seniors.


Related Articles

arrow_forward_ios
US HUD Secretary Marcia Fudge (Getty, iStock)
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
From left: The Estate Companies' managing principal Robert Suris and principal Jeffrey Ardizon along with a rendering of Soleste Pompano Beach and a sitemap for Soleste Hollywood Boulevard (The Estate Companies)
Estate Companies’ Pompano Beach, Hollywood apartment projects advance
Estate Companies’ Pompano Beach, Hollywood apartment projects advance
Charles “Chip” Abele and the 1818 Park project at 1818 Hollywood Boulevard (1818 Park)
Charles “Chip” Abele sells Hollywood mixed-use project for $66M tied to $84M refi
Charles “Chip” Abele sells Hollywood mixed-use project for $66M tied to $84M refi
Sergio Agüero with 900 South Northlake Drive (Getty, 1 Oak Studios, iStock)
Soccer star Sergio Agüero pays record $15M for Hollywood mansion
Soccer star Sergio Agüero pays record $15M for Hollywood mansion
Transamerican Development's President Albert Benalloun with  3100 South Ocean Drive (Google Maps, Benher Capital)
Publix pays $13M for waterfront Hollywood site approved for supermarket
Publix pays $13M for waterfront Hollywood site approved for supermarket
Residential sales fall in Southern Florida
Residential sales fall in April across South Florida
Residential sales fall in April across South Florida
Joseph Chetrit and the Hollywood Beach Resort (Chetrit Group, LoopNet)
Redevelopment ploy? Chetrit buys 102 condos at aging, oceanfront Hollywood Beach Resort
Redevelopment ploy? Chetrit buys 102 condos at aging, oceanfront Hollywood Beach Resort
Luna at Hollywood condominium at 3600 Van Buren Street (Apartments.com, iStock)
Surfside investor completes $34M Hollywood bulk condo purchase
Surfside investor completes $34M Hollywood bulk condo purchase
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...