MIAMI, FL - One of the nation's largest developers of affordable housing is doing its part to meet rising demand for low-cost homes in South Florida. Miami-based Pinnacle Housing Group has opened the doors to Vista Mar, a 110-unit apartment complex in the City's diverse Wynwood neighborhood. The community, which is already 100% occupied, is Pinnacle’s 44 th affordable housing community in the U.S. and 11th in the City of Miami. Pinnacle spent nearly $30 million on the project and created over 300 jobs.
Pinnacle Housing Group celebrated Vista Mar’s opening during a special reception attended by Mayor Tomas Regelado, City Commissioner Michelle-Spence Jones, County Commissioner Audrey Edmonson and City Deputy Mayor Russell Benford.
Vista Mar sets a new standard for affordable housing by offering luxury amenities and accommodations to residents earning annual incomes that range from 33% to 60% of the area’s median income. Property features include granite counter tops, stainless steel kitchen appliances and views of Biscayne Bay. Vista Mar is LEED-Silver certified, meaning it was designed and built using policies consistent with the promotion of human and environmental health, sustainability and energy efficiency.
“Miami-Dade County is home to one of the nation’s most in-demand affordable housing markets, and that need will only grow with time,” said Mitchell Friedman, partner at Pinnacle Housing Group. “Vista Mar stands out for its premium amenities and finishes, giving families in need a place to call home with pride. As long as the demand for affordable housing remains high, we will continue to build projects that lower the barriers to entry for working class families, especially when it involves to developing in our own backyard.”
Pinnacle Housing Group has been committed to developing in the Wynwood neighborhood for more than a decade, long before the Shops at Midtown were developed, the revival of the Wynwood Arts District, and the redevelopment of the nearby Design District. Vista Mar is the latest Pinnacle property to hit the market following Pinnacle View in 2001 and Los Sueños in 2007.
Pinnacle Housing Group also incorporates art into its developments, making the building a focal point for the surrounding neighborhood and a source of delight for residents. Local artist Christian Bernard (NARBERO) created the murals on the east and west facades of Vista Mar, known as Color Burst.
About Pinnacle Housing Group
Pinnacle Housing Group is a recognized industry leader in developing market-rate, workforce and affordable housing, ranked 17th among the Top 50 Affordable Housing developers nationally by Affordable Housing Finance magazine. The firm’s partners, Louis Wolfson III, Michael D. Wohl, Mitchell M. Friedman and David O. Deutch are committed to providing quality, safe environments for people to live. Additional information may be found on Pinnacle Housing at their website: www.pinnaclehousing.com