The second phase of Pinnacle 441 has started construction in Hollywood, Florida. Florida YIMBY reported on this venture back in January 2022, when construction hadn’t even started on the first phase.
Pinnacle 441’s second phase will rest on a 1.67-acre site that an affiliate of Pinnacle purchased for $3.5 million last year. Construction on the 100 additional units should take about 16 months, with completion slated for the fourth quarter of 2024.
The second phase will measure 10 stories above grade, sharing communal amenities with the first phase of Pinnacle 441. The affordable housing venture will offer residency to those making 60 percent of the county’s area median income, which was $82,500 at the time of publication.
The first phase broke ground in August 2022, offering 110 affordable apartments, along with three at-market-rate units. There will also be 6,760 square feet of retail. Kaller Architecture is the architect.
“Pinnacle received $19 million in investment equity from the purchase of Housing Tax Credits from Bank of America, which will retire a significant amount of the bond financing when the development is complete,”said Pinnacle partner Timothy P. Wheat. This brings the project’s total financing to $47.8 million.
Phase two of Pinnacle 441 is unfolding at 6028 Johnson Street, Hollywood, FL, 33024, in Broward County.