Pinnacle plans new senior affordable housing for south Miami-Dade
The firm will soon break ground on Caribbean Village, a 123-unit transit-oriented project
A new senior affordable housing project is underway in Miami-Dade’s South Miami Heights neighborhood, the first in the area for more than two decades.
Pinnacle Housing Group is developing Caribbean Village at 19755 Southwest 110th Court, just north of Southland Mall. The project is set to rise on about 3.25 acres of public land, Pinnacle partner David Deutch said.
The 123-unit transit-oriented project will be for residents earning 60 percent or less of the area’s median income, which is about $52,000 in Miami-Dade County, according to the U.S. Department of Housing and Urban Development. Some units at Caribbean Village will also be designated for those earning less than 28 percent of the median income, according to a press release.
Rents for the one- and two-bedroom apartments will range from $378 to $976 per month. Amenities in the seven-story building will include a fitness center, lounge with card tables and a computer lab. As part of the transit-oriented project, developers are also revitalizing an existing park-and-ride facility, which consists of about 100 parking spaces along an adjacent busway.
Caribbean Village will be built using a $5.3 million loan from Florida Housing Finance Corporation. Citibank also purchased $16.5 million worth of tax-exempt bonds and $12.3 million in tax credit equity to help fund the project, Deutch said.
Sales are expected to begin in the second quarter of 2019. Construction is slated to be completed by the third quarter that year.
Phase two of Caribbean Village will include another affordable housing development, geared for families, Deutch said. The area has seen a spur of activity thanks to recent efforts by the county to redevelop its transit systems and bring in more affordable housing projects.
Pinnacle Housing Group develops, builds, leases and owns affordable multifamily projects, mostly concentrated, in Florida, Mississippi and Texas. In Miami-Dade, the company owns and/or manages 3,888 apartments.
The development comes at a time where there’s an expanding probe of investigations into South Florida’s affordable housing industry by the U.S. Attorney’s Office. Last year, a Pinnacle affiliated entity settled with federal prosecutors for $5.2 million after the government accused it of inflating costs for low-income housing projects.