The City of Hollywood and Pinnacle Housing Group reached a purchase agreement during yesterday’s meeting.
Pinnacle will complete a purchase on about 5.5 acres of land on Adams St. between South 24th Avenue and S. Dixie Highway owned by the City of Hollywood and the Hollywood Community Redevelopment Agency (CRA).
The Miami-based developer has agreed to build at minimum 100 affordable senior citizen rental housing units for people age 55 and over. This purchase agreement includes a reverter clause. In 65 years, the property will revert back to Hollywood including any improvements made to the property. The closing will happen in May 2016.
The agreement was approved by a 6-0 vote with Commissioner Peter Hernandez abstaining. Ten percent of these units will be set aside for extremely low income residents. Many residents expressed their support for this initiative during the meeting.
According to the purchase agreement, the City of Hollywood property was purchased for $1.2 million and the CRA property was purchased for $924,500. The total expenditure is about $2.1 million.