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Pinnacle Leases 18-Acre Site for $110M Transit Village
By Marita Thomas
HOLLYWOOD, FL-Station Side Village Associates LLC, an affiliate of Miami-based Pinnacle Housing Group, inked a 99-year lease with the Florida Department of Transportation for an 18-acre site along the Tri-Rail tracks. Master plans for Station Side Village, a mixed-use community containing multifamily, retail and office properties along with possible medical services and a charter school, are under way.
The development will be located on an FDOT park-and-ride lot at Sheridan Street and the CSX railroad tracks, which are currently being expanded for increased Tri-Rail service along the 72-mile route from Miami to just north of West Palm Beach. The existing 793 parking spaces will be retained.
While Pinnacle is best known for affordable housing, the for-sale condominiums planned for Station Side Village will be "market rate," according to Michael Wohl, a partner with the Pinnacle affiliate. He declined to disclose the price or value of the lease. Calls to FDOT were not returned by press time.
Wohl says he expects more than $100 million in public and private funding will be invested in the project over its five-year development period. "We believe this will be a highly successful venture," he says, "providing badly needed housing and support services, from stores and offices to a school, all in a location conducive to the routine use of public transportation. We are talking about a true lifestyle based on the concept of high usage of public transportation. It's an idea that is now coming of age here in South Florida."
In a statement, Rick Chesser, FDOT District Four secretary, agrees. "We must work with the private sector to create opportunities to encourage the use of Tri-Rail," he says. "This project could succeed in keeping hundreds of cars off of I-95 daily."