MIAMI—It's one of the largest public-private partnerships Miami-Dade County has ever seen—and it's set to transform a formerly condemned property in Northwest Miami-Dade into a $53 million, 15-building affordable housing community that will provide homes for 1,200 residents.

Miami-Dade County awarded Pinnacle Housing Group $17 million from the U.S. Department of Housing and Urban Development's Neighborhood Stabilization Program (NSP) to develop of the Kings Terrace affordable housing community.

“Kings Terrace represents a new beginning for hundreds of families in need and the surrounding neighborhood,” said Mitchell Friedman, partner at Pinnacle. “Beyond providing affordable housing solutions, we are also breathing new life into one of Miami-Dade County's most underserved communities. This public-private partnership is a model for how federally-allocated dollars can make a direct impact at the local level.”