MIAMI — A public-private collaboration between Miami-Dade County, Pinnacle Housing Group and the South Miami Heights Community Development Corp. has broken ground on Caribbean Village, an affordable seniors housing property in Miami.
Located in the South Miami Heights submarket, Caribbean Village will offer 123 units. The development is part of a two-phased plan to develop transit-oriented affordable housing in Miami. The community will be the first new affordable seniors housing project in the area in 25 years, according to the developers.
Miami-Dade County will own the project, and selected the partners following a competitive process. The county contributed the land, as well as $11.5 million in funding.
"Caribbean Village is the fulfillment of the County's promise to deliver quality housing for our fixed-income seniors and to spur redevelopment in the South Miami Heights community, while taking advantage of the county's investment in transit," says Dennis Moss, commissioner of the county’s ninth district.
Other funding for the project came from tax-exempt bonds, housing tax credits and a $5.3 million loan from Florida Housing Finance Corp. Citibank purchased both the bonds and the tax credits.
Caribbean Village is scheduled to open in fall 2019.