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Hollywood residents may not be aware of the struggle many of their senior neighbors face to pay for a quality house or apartment. But all that could change soon.
At a recent meeting, the Hollywood Commission joined an agreement with Pinnacle Housing Group and the City of Hollywood to provide a local government loan for the development of an affordable senior housing project on Adams Street.
During the meeting, members of the public spoke about the importance of providing affordable housing for senior citizens, many of whom are struggling to pay for a quality house or apartment in Hollywood. Commissioner Linda Sherwood described how many older residents in her building have run through their entire life savings.
The agreement paves the way for a sales agreement between Pinnacle at Peacefield and the City of Hollywood to purchase 5.5 acres of land on Adams Street between South 24th Avenue and South Dixie Highway, which is owned by the City of Hollywood and the Hollywood Community Redevelopment Agency (CRA).
Pinnacle was previously unsuccessful in winning an allocation of tax credits needed to fund the redevelopment project it proposed for the site. So, the city has now stepped up and agreed to provide a local government loan not to exceed $578,000 to keep the project moving forward. According to the agreement, the total shared expenditure is about $2.1 million.
The Miami-based developer has agreed to build at minimum 100 affordable senior citizen rental housing units for people age 55 and older. Ten percent of these units will be set aside for extremely low-income residents.
The project’s proposal includes three buildings with garden-style apartments. There will be 120 units in total; 72 one-bedroom units and 48 two-bedroom units and 157 parking spaces. More than 28 percent of the property is promised to be dedicated to open space.
There have been past efforts to develop the property on Adams Street, but economic problems thwarted those attempts. In 2004 and 2005, the Hollywood CRA purchased the lots on Adams Street and the City made improvements to the water and sewer systems and capital improvements to the lighting, sidewalks and streetscape on Adams Street and Washington Street.
Various companies have also looked for past ways to develop the property but have been unsuccessful. In 2007, Pinnacle Housing Group was awarded an RFP to develop the site, but the housing market crashed shortly after the award was given. In 2012, Carlisle Development Group was awarded an RFP to develop the site with affordable rental housing, but the development never went forward. Finally in 2015, Pinnacle Housing Group was awarded an RFP to develop the site with affordable rental senior housing.
The purchase agreement includes a reverter clause. In 65 years, the property will revert back to the City of Hollywood, including any improvements made to the property.
“Our goal is for synergistic development that balances community needs, policy goals and economic viability,” city manager Wazir Ishmael has said of the project.