By Bisnow – March 20, 2024
Bisnow reports that at their ‘Broward County State of the Market’ event Pinnacle partner Tim Wheat cited their Pinnacle 441 project in Hollywood as a success, with the first phase of 113 apartments priced 60% below market rate nearing completion and garnering over 18,000 inquiries through a lottery leasing system.
The $48 million second phase of 100 units recently broke ground, funded through a mix of tax credit equity from Bank of America, tax-exempt bonds, and funds from Broward County, the Florida Housing Authority, and the city of Hollywood. The affordable housing project highlights the high demand for below market-rate units in the area.
