Stationside Village Associates LLC, a joint-venture partnership between Miami-based Pinnacle Housing Group and Fort Lauderdale-based Ram Development Co., is developing this TOD, which will be located between Interstate 95 and the CSX railroad tracks at Sheridan Street. The land consists of an existing mobile home park that Pinnacle acquired and a parcel owned by the Florida Department of Transportation for which the JV has a leasehold. This plan represents an expansion of an initial plan by Pinnacle for an 18-acre complex.
Michael Wohl, a Pinnacle partner, tells GlobeSt.com that the total development cost is approximately $500 million. The partnership hopes to break ground within 18 months, "and it will take between five and eight years to complete." Pinnacle is currently working with mobile park residents in relocation.
The plan calls for up to 1,600 housing units, 300,000 sf of retail and office space, a 150-room hotel and a 793-space parking structure for Tri-Rail riders. The CSX tracks are being double-tracked for increased service along the railroad's 72-mile stretch from Miami to just north of West Palm Beach.
"The housing will be market-rate," Wohl says, "and include a mix of for-sale and rental units. There will be some workforce-level housing," which is described as units for households with annual incomes of between 60% and 120% above the county's median. While the partnership plans to develop all of the components of the village, Wohl says it may lease the hotel to a hotel operator.
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