(To read more on the multifamily market, click here.)

MIAMI-Ground has broken for the $20-million Corinthian Apartments, a 126-unit rental community at 7705 NW 22nd Ave. in Liberty City. It is being co-developed by locally based Pinnacle Housing Group and the Miami-Dade Housing Agency Development Corp.

The Corinthian will contain one-, two-, three- and four-bedroom units ranging from 689 sf to 1,261 sf. Rents will range from $258 a month to $858 a month, and the units are available only to working families with household incomes of no more than 60% of the county's median income.

MDHA is providing $4 million for construction. Citibank is providing a first mortgage loan of nearly $4.2 million, and the development is also being financed by $10.4 million in housing tax credit equity by Woodland Hills, CA-based Alliant Capital. The gated community will also contain a 2,600-sf clubhouse with a computer lab and fitness center, a pool and a children's playground. It is expected to reach completion in February 2007.

Earlier this month Pinnacle began construction of the 190-unit Crystal Lake public housing development in Hollywood and just completed Pinnacle Village, a 148-unit affordable townhouse rental community in Pompano Beach. The company develops both affordable and market-rate housing, principally in Florida's urban areas. Louis Wolfson III, a Pinnacle partner, says the Corinthian is not only designed to bring new development to "a neighborhood that sorely needs new affordable rental housing," but also "spur additional revitalization and development," which is also a goal of the county and MDHA.

The Corinthian site is located just north of the HOPE VI Scott/Carver redevelopment program where 850 units of Scott and Carver homes were razed in 2003 under the federal government's mid-1990s, multibillion-dollar Housing Opportunity for People Everywhere overhaul of public housing. The Corinthian represents a "commitment to continue to promote affordable housing development, but most importantly to reach out and work with relocated HOPE VI Scott/Carver families in providing them with an opportunity to come back to their community," says Alben Duffie, chairman and president of MDHA Development Corp., in a statement.

Instant Insights /

$20M Corinthian Low-Cost Rental Project Breaks Ground

Related Stories

Recommended For You