Seniors in Southwest Miami-Dade have a new affordable option. Units are going fast
As Miami grapples with the high cost of living, affordable housing developer Pinnacle has opened a new option specifically geared to seniors.
Two months after opening, 75 of the 123 units in Caribbean Village are leased. “There is a shortage of affordable housing and the leasing activity of the Caribbean Village speaks to demand,” said David Deutch, a partner at Pinnacle Housing Group.
“The senior population is a growing population and on top of that we have seniors on a fixed income,” Deutch said.
The village, comprised of two 7-story buildings, is located in the southwest Miami-Dade neighborhood of Richmond Heights. It is joint effort between Pinnacle, Miami-Dade County and South Miami Heights Community Development Corporation. The county loaned Pinnacle about $5.9 million for the project in 2018, due as a lump sum in 30 years.
Monthly rents range from $897 for a one-bedroom, one-bath unit measuring 625 square feet to $1,078 for a two-bedroom, two-bath unit of 925 square feet.
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Amenities include a gym; free WiFi in common areas; covered barbecue area; and multipurpose club room with computer stations, card tables, TV lounge and kitchenette.
To qualify, residents must be 55 or older and have a fixed income of $40,680 per year for a two-person household, according to the 2019 Miami-Dade County affordable housing requirements set by the U.S. Housing and Urban Development.
Since 2003, Pinnacle has developed six affordable housing projects for seniors in South Florida.
The company has three other affordable housing projects under development, including a senior facility in Hollywood.
Affordable housing continues to concern Miami-Dade County and the City of Miami. Both are working with the Florida International University Jorge M. Pérez Metropolitan Center to consider options as housing prices increase beyond the reach of most locals.
This story was originally published February 6, 2020 at 7:00 AM.
