Pinnacle Housing got the green light to build an eight-story, affordable apartment complex in the long-neglected U.S. 441 corridor in Hollywood, and may expand the project on an adjacent site.
The Pinnacle 441 multifamily development will have three-market rate apartments and 110 rent-controlled apartments for tenants whose income does not exceed 60 percent of the median in Broward County.
The Hollywood Planning and Development Board voted Wednesday to approve the site plan for the project in west Hollywood, on the southwest corner of Johnson Street and State Road 7, also known as U.S. 441. No further city approvals are needed.
The Miami-based company expects to break ground for Pinnacle 441 by the end of the first quarter in 2022 and to complete the project in the summer of 2023, according to Timothy Wheat, Pinnacle Housing’s regional vice president.
A second phase of Pinnacle 441 may unfold at an adjacent mobile home park, the Royal Garden Village Mobile Home Park at 6028 Johnson Street. Pinnacle has put the mobile home park under contract, Wheat told The Real Deal.
“We are excited about 441 and the changes … For so many years, it was just awful, and it’s going through a major rebirth right now,” Kenneth Crawford, a member of the Hollywood Planning and Development Board, said during the meeting Wednesday.
Pinnacle 441 will replace a vacant commercial building and parking lot in an area that the city has rezoned.
“It’s in their newly created Central Johnson Street Mixed-Use District, where the city is trying to encourage development along Johnson Street and the State Road 7 corridor,” Wheat said.
The project will have 200 parking spaces, nine designated ride-share spaces, and about 6,000 square feet of commercial space fronting U.S. 441.
Pinnacle 441 will have 14 apartments with one bedroom, 64 with two bedrooms, and 35 with three bedrooms. The one-bedroom units will average 730 square feet, with 950 square feet for two-bedroom units, and 1,200 square feet in three-bedroom apartments.
Monthly rents will average $916 for one-bedrooms, $1,098 for two-bedrooms, and $1,263 for three-bedroom units.
“There will be some select units that will be leased at extremely low rents, because we are financed under Florida Housing Finance Corporation with an allocation of housing tax credits,” Wheat said.
Amenities will include a community meeting room, an indoor play area for kids, a fitness center, a dog walk area, and a public art plaza.
The transit-oriented development site has existing bus stops on the north and east sides of the property, for bus service on Johnson and U.S. 441, including the 441-BREEZE service from northern Broward County to northern Miami-Dade County.
Wheat said he expects that some Pinnacle 441 tenants will be employees of the Seminole Hard Rock Hotel & Casino and other businesses on U.S. 441 between Stirling Road and Griffin Road.
“We’re a mile and a half south of that,” he said. “It’s going to be an area, obviously, where service workers and entry-level employees are going to need housing.”
He said Pinnacle Housing expects to close by the end of November on a contract to buy the three-parcel development site for Pinnacle 441, at 820 and 890 North State Road 7 and 6024 Johnson Street. He declined to disclose the purchase price.
Although Pinnacle is also in contract to buy the adjacent mobile home park, Wheat said a closing isn’t imminent because the company hasn’t yet arranged funding to build a second phase of Pinnacle 441.