MIAMI—It’s one of the largest public-private partnerships Miami-Dade County has ever seen—and it’s set to transform 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.
Miami-Dade County awarded Pinnacle Housing Group $17 million from the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program (NSP) to develop of the Kings Terrace affordable housing community.
“Kings Terrace represents a new beginning for hundreds of families in need and the surrounding neighborhood,” said Mitchell Friedman, partner at Pinnacle. “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 affordable housing development’s first phase is already complete. Two hundred 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% of the area’s median income.
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. Rents at Kings Terrace will range from $718 for a one-bedroom apartment to $1,031 for a four-bedroom.
“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.”