South Florida’s affordable housing crisis is set to receive a much-needed boost as Miami-based Pinnacle breaks ground on the innovative Pinnacle at Tropical Pointe. This ambitious project, located in the Princeton neighborhood of unincorporated Miami-Dade County at 25155 Southwest 136th Avenue, aims to deliver 215 affordable housing units through a unique blend of public and private sector collaboration. The full-service real estate development and construction company has successfully secured $72.3 million in financing from local bonds, tax credit equity, and local subsidies.
Upon completion in late 2024, Pinnacle at Tropical Pointe will comprise six garden-style buildings, offering one- to four-bedroom apartments designed for residents earning up to 60% of the area’s median income. As demand for affordable housing in South Florida continues to soar, the development will provide a valuable opportunity for prospective tenants, with leasing opportunities available on a first-come, first-served basis.
Credit: Pinnacle.
Pinnacle at Tropical Pointe residents can look forward to an array of top-tier amenities, including a swimming pool, fitness center, clubroom, business center, playground, BBQ area, and dog run. These features underscore Pinnacle’s commitment to enhancing the lives of its residents and elevating the surrounding communities.
“Pinnacle at Tropical Pointe highlights the power of public and private sector collaboration in addressing the pressing need for affordable housing in our community,” said David O. Deutch, Partner at Pinnacle. “By tapping into a variety of funding sources and working closely with local governments and financial institutions, we can bring affordable housing to hundreds of cost-burdened members of our community despite the soaring costs of construction.”
Google Streetview of 25155 Southwest 136th Avenue as of February 2023.
Funding has been made possible through low-income housing tax credits from the Florida Housing Finance Corporation, Miami-Dade County Surtax and HOME, and Miami-Dade County Housing Finance Authority tax-exempt bonds. Bank of America and Citibank have also played a significant role, providing a $37 million construction loan, $30.6 million of tax credit equity, and a $20 million permanent loan, respectively. To help offset rising construction costs, Miami-Dade County has granted Pinnacle at Tropical Pointe a $1 million Development Inflation Adjustment Fund (DIAF) allocation.
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