MIAMI—In a move to meet the growing demand for affordable housing in South Florida, Pinnacle Housing Group is holding the grand opening of Vista Mar on Friday. The project is launching 100% occupied.
The development is LEED certified Silver, making it one of the first affordable high-rise buildings in South Florida to obtain a LEED certification. Pinnacle spent nearly $30 million on development and building costs and created more than 300 permanent and construction jobs. This is Pinnacle’s third affordable housing development in the Wynwood/Midtown area dating back to 2001.
“We believe these developments have helped to attract other development, both market rate residential and a whole variety of commercial retail,” Mitchell Friedman, a partner at Pinnacle, tells GlobeSt.com. “The neighborhood has transformed from one that was basically in urban decay into one that is very prosperous.”
This community is located in the heart of Miami, at 36th street and 5th avenue. The 110-unit housing complex contains Energy Star appliances, a clubhouse, fitness center, playground, business center equipped with internet access, library and a shuffleboard court, making it one of Florida’s most up to date, luxurious, affordable housing communities. It is one of Pinnacle’s 44 affordable housing communities in Florida, Mississippi and Texas, spanning 600 units and holding steady at more than 97% occupancy as a portfolio.
“Studies show Miami-Dade County and Broward County are among the neediest places in the country for affordable housing even with the depressed housing market,” Friedman says. “Housing prices are not at a level that can reach the families and individuals that we normally house. At this new development, we have units that rent anywhere from $375 to $995 per month.”
County Mayor Carlos Gimmenez, County Commissioner Audrey Edminson, City Mayor Tomas Regalado, and City Commissioner Michelle Spence-Jones will attend the grand opening event, which is scheduled for 11 a.m. on Friday.
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