MIAMI—Can affordable housing developers competewith luxury developers on land? Will Downtown Miami ever see moremixed-income residential assets?

| caught up with Mitchell Friedman, apartner at Pinnacle Housing Group, to get answers to these andother questions in part two of this exclusive interview. You canstill read part one: What's Lacking in Miami's Real Estate?

| How are you able to compete with luxurydevelopers when it comes to buying land to build this type ofasset?


Friedman: It has become increasingly difficultto compete for land with deep-pocketed competitors. This was aspecial case as we were fortunate to partner with a local not forprofit, East Little Havana Community DevelopmentCorporation, who had owned this property for some time, sothe cost basis for the land was lower than other parcels in thearea.

| Do you think there will be othermixed-income developments built in Miami's urban core in the nearfuture?


Friedman: Yes. Building mixed-income is anecessity in Miami's urban core. There is very high demand foraffordable housing, and the way to bring that tomarket is by building mixed-income.


With more and more luxury condos popping up, mixed-income willhave to serve those who are priced out of the upper reaches of themarket. We hope Brickell View Terrace sets off a trend and thatother firms in our space will begin adopting this model.

| Are you building mixed-income in any otherSouth Florida markets?


Friedman: We are actually going vertical withDowntown Fort Lauderdale's first mixed-income development, Pinnacleat Tarpon River. In line with our mission to bringaffordable housing to our urban core's, Pinnacleat Tarpon River will meet rising demand for workforce housing nearexisting and future transit and major employment hubs such as thenew judicial complex and Broward Health. The community will caterto entry-level professionals, health care workers, teachers,service sector personnel and other public sector employees seekingan urban “live/work” environment.

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