Pinnacle Communities and Smith & Henzy Affordable Group are seeking a redevelopment deal with Miami-Dade County for three public housing locations and a vacant lot in the Little River area. The South Florida Business Journal reports that the plans for the joint venture include tearing down the current 332 affordable apartments and rebuilding over 800, with existing tenants eligible to return upon completion. The existing public housing was built in the 1950s and 1970s. All of the new housing would be for people making up to 80% of the area’s median income.
The developers aim to enter into a ground lease with the county for these properties and develop 821 new units of affordable rental housing. The developers said the total cost of the redevelopment would be $335 million.
As for the financial terms of the deal, the developers said they would pay the county nearly $705 million over the 99-year ground lease. Architects Anillo Toledo Lopez and Behar Font & Partners.
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