FORT LAUDERDALE, FL—Developers have focused plenty of attention on affordable housing projects in Miami in recent years. Now, Fort Lauderdale is seeing a little more of the action.
Pinnacle at Tarpon River will add an affordable option to Downtown Fort Lauderdale's residential mix. Located at 805 Southeast 3rd Avenue, Pinnacle at Tarpon River will become the first mixed-income housing development in Downtown Fort Lauderdale south of Broward Boulevard.
Miami-based Pinnacle Housing Group is building the $32 million, 112-unit mixed-income and mixed-use development. The community is set to open in 2015 and will offer 100 affordable housing units and 12 market rental units.
“Downtown Fort Lauderdale is an employment hub for Broward County and more and more people are choosing to live in the urban core,” says Timothy P. Wheat, Pinnacle's regional vice president. “Pinnacle at Tarpon River will meet rising demand for well-located workforce housing, with its superior proximity to existing and future transit and major employment hubs such as the new judicial complex and Broward Health.”
Pinnacle at Tarpon River's introduction is timely. Harvard University's Joint Center for Housing Studies has listed South Florida as one of the least affordable regions to live in its 2014 “State of the Nation's Housing.”
“The development will fill an important priority identified in our citywide Vision to provide attractive, affordable downtown living,” Fort Lauderdale Mayor John P. "Jack" Seiler. “It will offer an outstanding housing option for local graduates beginning their careers in our city, as well as young professionals interested in relocating to an area that was just named one of the best downtown's in America.”
Pinnacle at Tarpon River will cater to entry-level professionals, health care workers, teachers, service sector personnel, and other public sector employees seeking an urban live-work environment. The community will offer amenities like a 1,800-square-foot state-of-the-art fitness facility, three-story parking garage with a controlled access and fully-equipped car care area, outdoor patio deck with wet bar, BBQ and playground. The affordable housing community also offers up to 2,000 square feet of leasable flex space for commercial or office uses.
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