Hollywood, a city in Florida, USA, has accepted an unsolicited proposal to develop 100 affordable senior citizen rental housing units through the PPP model.
The unsolicited proposal was submitted by Pinnacle Housing Group. After that, the city launched a tender process for the project. Two other development groups submitted similar proposals: 3Ci and Gardner Capital Development/D+B.
On November 5, 2015 the City executed an agreement with Pinnacle for the proposed development for senior housing on an area of nearly five and a half acres at Adams Street. Pinnacle Housing Group could buy the land for approximately US$2 million and return it to the city after 65 years or lease it for a period of 99 years.
The project involves the development of a three-building complex, which will include 100 rental units, a clubhouse, fitness center, cyber cafe and game rooms. The project will also include the construction of an independent commercial building.
The total project investment is estimated at US$24 million. Pinnacle has until 31 May 2016 to raise fund for the project. The firm will seek low-income housing tax credits from the Florida Housing Finance Corporation.
Located in Broward County, Hollywood is now the twelfth largest city in Florida. It has a population of approximately 150,000 inhabitants. Hollywood is a principal city of the South Florida Metropolitan Area.