Miami Affordable Senior Living Community Opens Doors
- Feb 07, 2020
Pinnacle, in partnership with Miami-Dade County and South Miami Heights Community Development Corp., has completed Caribbean Village, a 123-unit affordable transit-oriented community for seniors in South Miami Heights, Fla. The development caters to residents earning 60 percent or less of the area’s median income, with some units reserved for those earning less than 28 percent of the median income, according to The Real Deal.
Caribbean Village is the first new affordable senior living community in the area in 25 years. A result of public-private collaboration, the development is the first phase of a two-phase project meant to bring affordable housing on land owned by Miami-Dade County along the South Dade Transitway on U.S. Route 1.
Located at 19755 SW 110th Court, the seven-story building has one- and two-bedroom apartments. Behar Font & Partners designed the community to achieve LEED Silver certification. Amenities include a fitness center, multipurpose club room with computer stations and outdoor recreation area with covered barbecue. The property also includes a transit “Park and Ride” facility totaling 100 parking spaces.
The 3.3-acre property is near Southridge Park and Ronald Reagan Turnpike, less than a mile north of Southland Mall. There are six medical centers within a 2-mile radius of the community. Downtown Miami is some 18 miles northeast.
Pinnacle broke ground on the project in August 2018, having multiple financing sources. According to Yardi Matrix data, the developer obtained several construction loans totaling $33.3 million from different lenders.
Miami-Dade County provided nearly $11.5 million in funds allocated for affordable housing and economic development. Other funds include a $5.3 million loan from Florida Housing Finance Corp., as well as $16.5 million in tax-exempt bonds and housing tax credits from Citibank.
In March, Pinnacle broke ground on another South Florida affordable senior housing project. The 120-unit Pinnacle at Peacefield community in Hollywood was completed in the fall of 2019.