Pinnacle Proposes Affordable Senior Housing Project in Princeton: Tropical Crossings Development
Pinnacle, a prominent affordable housing developer, has unveiled plans for Tropical Crossings, a senior-focused affordable housing project in Princeton, Miami-Dade County. This initiative reflects the ongoing development surge in South Miami-Dade, aiming to address the pressing need for senior housing solutions.
Project Overview
Tropical Crossings is envisioned as an eight-story building comprising 110 units, complemented by 1,000 square feet of ground-floor retail space. The development is slated for a 1-acre site at the southeast corner of South Dixie Highway and Southwest 250th Street in unincorporated Miami-Dade County. The unit mix includes studios, as well as one- to three-bedroom apartments, catering to diverse senior living preferences.
Affordable Senior Housing Parameters
Typically, age-restricted affordable housing serves residents aged 55 and above, targeting households earning no more than 80% of the area median income (AMI). In certain instances, this threshold is adjusted to 60% of the AMI. As of recent data, Miami-Dade County's annual AMI stands at $79,400, as reported by the Florida Housing Finance Corporation.
Pinnacle's Portfolio and Regional Impact
Established in 1997, Pinnacle has developed nearly 10,000 affordable housing units across the United States. The firm's leadership includes Louis Wolfson III, David Deutch, Timothy Wheat, Coraly Rodriguez, and Hugo Pacanins. In South Florida, Pinnacle's notable projects encompass:
- Pinnacle at Tropical Pointe: A 215-unit affordable housing community located in the rapidly growing Princeton area of southern Miami-Dade County.
- Pinnacle at La Cabaña: A 110-unit complex at 8911 Miramar Parkway in Miramar, anticipated to be completed this year.
- Aventana: A collaborative venture with RAM Realty Advisors, this 16-story, 334-unit building is planned for 19640 West Dixie Highway in Ojus.
In 2024, Pinnacle completed the first phase of Pinnacle 441, a 113-unit affordable apartment building at the intersection of State Road 7 and Johnson Street in Hollywood.
The Broader Context: South Florida's Affordable Housing Landscape
South Florida has long grappled with a shortage of affordable housing, with a significant portion of residents being housing cost-burdened—allocating more than 30% of their income to rent, utilities, and related housing expenses. This challenge was intensified by an influx of new residents in 2021 and 2022, leading to unprecedented demand and escalating rent prices.
The high demand for below-market rentals renders such projects attractive to developers, given their propensity for rapid lease-ups. For instance, Pinnacle 441 received approximately 20,000 applications, necessitating a lottery system to select tenants.
South Miami-Dade: A Hub for Affordable Housing Development
The availability of buildable land at more accessible price points compared to Miami-Dade's urban core has made South Miami-Dade, particularly areas like Princeton, a focal point for affordable housing initiatives. Notable developments in the vicinity include:
- A project by developer Lewis Swezy: An eight-story, 132-unit age-restricted rental building for low-income households at 13841 Southwest 252nd Street.
- A partnership led by Shadi Shomar: Plans for two eight-story buildings comprising 278 units at workforce-priced rents at 23435 Southwest 127th Avenue.
Insights
What distinguishes Tropical Crossings from other affordable housing projects in the area?
Tropical Crossings is specifically designed as an age-restricted community for seniors, offering a range of unit sizes from studios to three-bedroom apartments. Its inclusion of ground-floor retail space aims to enhance convenience for residents, fostering a self-sustaining community environment.
How does Pinnacle ensure the affordability of its housing units?
Pinnacle collaborates with various funding sources, including the Florida Housing Finance Corporation and local government programs, to secure financing that enables the development of affordable units. By leveraging low-income housing tax credits and other subsidies, Pinnacle can offer rents below market rates to qualifying residents.
What amenities can residents expect at Tropical Crossings?
While specific amenities for Tropical Crossings have not been detailed, Pinnacle's other projects often feature community spaces, fitness centers, and recreational areas. The inclusion of ground-floor retail space suggests that residents may have access to essential services and shops within the building.
Why is there a focus on developing affordable housing in South Miami-Dade?
South Miami-Dade offers more available land at lower costs compared to the county's urban core, making it an attractive area for affordable housing development. Additionally, the growing population in this region increases the demand for housing options that are accessible to low- and moderate-income households.
How does Pinnacle's experience influence its approach to new projects?
With nearly three decades in the affordable housing sector and a portfolio of almost 10,000 units, Pinnacle brings extensive expertise to its projects. This experience enables the firm to design and develop communities that meet the needs of residents while ensuring long-term sustainability and affordability.
In summary, Pinnacle's Tropical Crossings project represents a significant contribution to addressing the affordable housing shortage for seniors in South Miami-Dade. Through strategic development and community-focused design, such initiatives aim to provide sustainable living solutions for the region's aging population.
