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Pinnacle and Birdsong Housing announced they secured over $30 million in financing to build 96 affordable housing units for the Pinnacle at Wesleyan in Kissimmee. PHOTO/PINNACLE HOUSING
Pinnacle and Birdsong Housing announced they secured over $30 million in financing to build 96 affordable housing units for the Pinnacle at Wesleyan in Kissimmee.
According to a press release from the housing partners, they received $4.5 million from Osceola County and another $500,000 from the City of Kissimmee to help make these housing units a reality. The construction of the Wesleyan follows several other affordable housing announcements that were made earlier this year, such as Haven on Vine.
To help fight inflation, the rent for these new housing units will be based on the average income of residents in the area. According to a real estate study done in August of this year, Kissimmee was in last place when it came to affordable living in Central Florida. City officials hope that these new housing units will help stabilize this issue.
“It’s not a city problem, it’s a regional issue. There’s an inventory shortage when it comes to affordable housing and I think everybody is really starting to see and understand that,” said Assistant City Manager Austin Blake.
Blake also says that a partial cause of the housing shortage is due to the wave of people moving to Florida cities from out of state.
“When they sell something up north, it’s much more expensive, so when they come down here they have a better capability of paying over the asking price for a lot of properties. That isn’t something that a lot of individuals can compete with,” he said.
While affordability is certainly at the forefront of the housing issue, Deputy City Manager Desiree Mathews says that the additional units are only the beginning of making the area an overall better place to live and truly meet the needs of the community.
“We’re looking at all avenues, not just the housing side, but also job creation and education,” she said. “Training, developing a quality workforce here in Osceola County that allows for different levels of housing to be actualized is what we hope to accomplish.”
The new community will have housing options that include 1-3 bedroom units and all residents will have access to a wide variety of amenities such as playgrounds and dog walking areas.
The housing units are going to be built on six acres across Shingle Creek Regional Trail and construction is slated to be finished by early 2025.
