Kings Terrace is bringing new life to a Miami neighborhood that has long suffered from blight and neglect.
The $53 million project, which utilized $17 million in federal Neighborhood Stabilization Program (NSP) funds, began with Pinnacle Housing Group taking title to a troubled 421-unit property in unincorporated Miami-Dade County. Conditions were so bad at the old property that it was condemned by the court even though hundreds of families made it their home. The project was also in foreclosure and under receivership.
After relocating the residents and demolishing the development, Pinnacle started over. Realizing that the original density was too high, the firm created a smaller community with 300 apartments and an improved design.
“Kings Terrace has had a significant impact on the surrounding community by providing high-quality, affordable residences with market-rate amenities,” says Mitchell Friedman, a partner at Pinnacle.
The project, which serves households earning no more than 50 percent and 60 percent of the area median income, went from having no amenities to boasting a clubhouse, a fitness center, a business center, and multiple playgrounds.
Miami-Dade County awarded Kings Terrace a big portion of its NSP1 funds. The project is one of the single-largest recipients of NSP money in the country.
The development also relied on tax-exempt bonds and 4 percent low-income housing tax credits (LIHTCs). The bonds were enhanced by Freddie Mac, with a construction loan from Citi Community Capital. Wells Fargo purchased the LIHTCs.
Incorporating art into its developments is a signature of Pinnacle. At Kings Terrace, people enjoy an outdoor art walk anchored by sculptures.