In the Pipeline: Pinnacle Announces $41M Affordable Plan in Florida; New 55+ Community Nears Opening in Texas
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Construction: Planned
Real estate development and construction company Pinnacle recently announced $41 million in construction financing for Pinnacle at Tropical Crossings in Miami, according to a news release.
The affordable senior living community will feature 110 units for those 62 and older. Pinnacle at Tropical Crossings is the next phase of affordable senior housing after the development of Pinnacle at Tropical Pointe.
The eight-story building will include 39 studios and 71 one-bedroom apartments.
Amenities at the community will include a community room for social events, cyber lounge, fitness center and dog walking space. Overall, the community will serve those earning up to 30% and 60% of the area’s median household income.
Silver Key has announced a new affordable senior living development for Colorado Springs, Colorado, according to KOAA News.
The development will include 49 units with construction set for February and could take 16 to 18 months to complete.
Oppidan project approved to move forward in Minnesota
Developer Oppidan’s plans to bring 195 units of senior living to Maple Grove, Minnesota were recently approved by the local city council, according to Hometownsource.com.
The development will include a four-story community offering 74 units of independent living, along with a two-story building including 73 assisted living units and a separate building with 36 memory care units.
Additional development will include six “twin home-style buildings” across the 10-acre site. A two-story amenity area will also be part of the project, along with a dog park and outdoor spaces.
According to Hometown Source, the design of the community will include “Nordic and Scandinavian” influences with other elements including “cement siding, masonry and stone veneer with metal accents.”
Construction: In Progress
The Woodland Cottages Sherman 55+ community in Sherman, Texas will complete construction in August, according to a news release.
The community is made up of 84 cottages designed to “combine privacy and comfort” with nearby lifestyle amenities spanning one- and two-bedroom, single-story cottage homes.
The cottages include open concept floor plans, large closets, walk-in showers and modern kitchens. Some units will have fenced backyards and all two-bedroom cottages will include an attached single-car garage.
“Sherman is experiencing tremendous growth, and we’re excited to bring a new housing option that gives active adults the opportunity to enjoy an independent, maintenance-free lifestyle without sacrificing the comfort and privacy of home,” said Ed Garahan, Partner and Chief Executive Officer at Carbon Companies. “Woodland Cottages was designed to foster connection, convenience, and peace of mind, and we’re proud to welcome our first residents.”
Amenities at the new 55+ community include a clubhouse with a fitness center, game room, swimming pool and an outdoor pickleball court, the release states. Other amenities include a gated entryway, on-site staff and a calendar of social events.
A grand opening ceremony will be held on Aug. 13.
