MIAMI, FL - One of the largest public-private partnerships underway in Miami-Dade County is transforming a formerly condemned property in Northwest Miami-Dade into a $53 million, 15-building affordable housing community that will provide homes for 1,200 residents. The County awarded Pinnacle Housing Group $17 million from the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program (NSP) for the development of the Kings Terrace affordable housing community, making it the largest single recipient of NSP funding in the County.
The development’s first phase is now complete, with 200 families moved in and another three buildings set to deliver in January 2013. All told, the complex will be home to 300 low to moderate-income families and individuals earning between 50 to 60 percent of the area’s median income.
“Kings Terrace represents a new beginning for hundreds of families in need and the surrounding neighborhood,” said Mitchell Friedman, partner at Pinnacle Housing Group. “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.”
The delivery of Kings Terrace comes just as Miami struggles with the reality that it ranks as the nation’s least affordable major city, according to a study by the Center for Housing Policy and the Center for Neighborhood Technology.
“Miami-Dade County is excited about this project and the strong partnership with Pinnacle Housing Group,” said Clarence Brown, Division Director of Community and Housing Management in Miami-Dade Public Housing and Community Development. “The residents will enjoy affordable rental living at its best. This property will rival any new rental housing in the County. We are extremely happy with this undertaking.”
Kings Terrace sets a new standard for affordable housing by offering superior resident services and upscale amenities. The community has a state-of-the-art clubhouse, a business center, Internet access, a library, a fitness center and a communal kitchen and living area for families to gather. The property also boasts three playgrounds, a Vita Course with outdoor exercise equipment and connective walkways, gazebo and covered picnic area, meeting rooms, a football/soccer field, basketball courts, a splash park and more.
Residents will enjoy an outdoor art walk anchored by artist Gino Miles’ 12-foot sculpture Switchback and two 15-foot pieces, Clayton Swartz’s Genesis and Gus and Lina Ocamposilva’s Wings. Soon, the residents of Kings Terrace will be invited to paint a large-scale mural that will be on display throughout the community. Public art is a Pinnacle Housing Group signature, with the company investing more than $2 million to date incorporating artwork into all of its projects.
“Our murals, sculptures and architectural features reflect the people-first nature of our communities,” said Louis Wolfson III, partner at Pinnacle Housing Group. “We have found that public artworks foster unity among residents and the surrounding neighborhood. For Pinnacle Housing Group, affordable housing is about more than providing places to live – it’s about bringing communities together and instilling a sense of pride in our residents.”
Rents at Kings Terrace will range from $718 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.
About Pinnacle Housing Group
Pinnacle Housing Group is a recognized industry leader in developing market-rate, workforce and affordable housing, ranked 7th 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 at: www.pinnaclehousing.com
Note: The Miami metropolitan area ranked as the least affordable city for moderate-income families, those making $25,444 to $50,888 per year, to pay for housing and transportation, according to a recent study of the nation’s 25 largest metro areas titled Losing Ground” by The Center for Housing Policy and the Center for Neighborhood.