A $33.9 million 96-unit affordable housing community is coming to West Vine Street in Kissimmee that will consist of four three-story buildings and a free standing clubhouse with a pool, cabana and other amenities. Osceola County is provided $4.5 million in financing, along with the City of Kissimmee contributing another $500,000.
The housing development, which is the first joint venture between developers Pinnacle and Osceola-based Birdsong will be located on six acres along Shingle Creek Regional Trail in Kissimmee, and will be priced at or below 80% of the area’s median income. The community will consist of 12 one-bedroom units, 60 two-bedroom units, and 24 three-bedroom units. The community will include a clubhouse, pool with covered cabana, fitness center, cyber lounge, bike storage, covered pavilion, children’s playground, dog walk area, Energy Star appliances, and more. Pinnacle also plans to add a sculpture at the entrance of the development, as part of its Art in Public Places initiative. The Pinnacle-commissioned art celebrates local artists and injects joy into the communities it serves.
Pinnacle at the Wesleyan will be available to individuals and families earning up to 60% of the area median income (AMI), with 10% of units reserved for extremely low-income residents at 33% AMI. Construction began at the beginning of December.
“After several years of planning, and delays caused by explosive inflation in construction costs, we are thrilled to move forward with construction that will bring high quality, affordable housing options to the Kissimmee community,” said Timothy P. Wheat, Partner at Pinnacle. “Pinnacle and Birdsong recognize this development would not have been possible without the support of Osceola County, the City of Kissimmee, Florida Housing Finance Corporation, and our partners and lenders at Bank of America and NLP who recognize the tremendous need for housing that local workforce families can afford.”
Neighborhood Lending Partners (NLP), a coalition of banks committed to affordable housing lending, will provide a permanent first mortgage along with a subordinate low-interest loan funded from the Community Development Financial Institutions fund (CDFI), of which NLP is a member. Financing for Pinnacle at the Wesleyan includes $16.3 million in equity from the sale of Low Income Housing Tax Credits to Bank of America, along with a construction mortgage. Osceola County provided $4.5 million in financing, along with the City of Kissimmee contributing another $500,000. Additional financing totaling $4.3 million was provided by Florida Housing Finance Corporation through resources appropriated through the Live Local Act to assist affordable housing developments with the unprecedented rise in construction costs. Forum Architecture and Harris Civil Engineers led the design work on the project and Parramore Development & Construction, a subsidiary of Birdsong and joint venture partner in the development, will serve as general contractor.
“Pinnacle at the Wesleyan will bring much needed affordable housing to Kissimmee in Osceola County,” said Steve Auger, CEO of Birdsong Housing Partners. “We are proud to partner with Pinnacle on this high-quality affordable housing development that will enhance lives and create value for residents, neighborhoods and communities.”
Pinnacle at the Wesleyan will offer convenient access to US 192, Lynx, SunRail, and other community services. In addition, the development will provide a peaceful, family-oriented enclave abutting the Shingle Creek Regional Park, an urban oasis at the Headwaters of the Florida Everglades and is designated as one of America’s Great Outdoors with a 32-mile trail extending from Kissimmee to Wekiva Springs State Park in Seminole County.