Coraly Rodriguez, Partner, Pinnacle
In an interview with Invest:, Coraly Rodriguez, partner at Pinnacle, discussed the company’s recent milestones, its role in community revitalization, the evolving demand for workforce housing, the impact of public-private partnerships, and how Live Local incentives are shaping future development in South Florida.
What have been the biggest milestones and achievements for Pinnacle over the last year?
Pinnacle is proud to have placed several projects in service. We recently received a temporary certificate of occupancy (TCO) for our Pinnacle 441 Phase 2 development in Hollywood, just up the street from the Hard Rock Casino. This second phase adds another 100 units, and in the coming weeks, we’ll have 100 very happy families moving in.
In the first quarter of 2024, we also placed the first phase of Pinnacle 441 in service, which is directly adjacent to phase two. Additionally, in Miramar, we are constructing Pinnacle La Cabana, a senior housing development scheduled to be placed in service this year.
Beyond those projects, we placed more than 200 units in service in South Miami-Dade. Over the past 12 to 18 months, we have successfully delivered, or are preparing to deliver, between 300 and 400 affordable housing units throughout South Florida.
How does Pinnacle go beyond meeting housing needs to contribute to neighborhood revitalization and community growth?
For the last 28 years, we have been leaders in the affordable housing industry, focusing on more than just building homes. One of our founding partners, Louis Wolfson, was a strong believer in integrating art into communities. He played a key role in developing one of the first urban projects in what is now known as Wynwood, long before it became the vibrant arts district it is today.
At Pinnacle, we’ve always incorporated art into our developments, even before Miami-Dade County made it a requirement. Our commitment to art isn’t publicly funded; it’s something we, as partners, personally invest in because we believe it enhances communities. When residents see that developers are investing in more than just housing, they take greater pride in their neighborhoods.
Beyond art, we also emphasize education. For example, one of our developments in Coconut Grove includes a Miami-Dade College outreach campus. Miami-Dade College is one of the largest colleges in the United States, offering a range of educational opportunities that benefit our residents.
We also implement programs that help our residents transition to homeownership. One initiative allows tenants to receive a portion of their rental payments back as down payment assistance when they move out to buy a home. Over the years, Pinnacle has allocated more than $1 million through this program, helping many families achieve homeownership.
Through these efforts, whether in education, public art, or direct financial support, we are deeply committed to improving lives and strengthening South Florida communities. As Miami natives and long-time residents, we are passionate about making a lasting impact.
How has demand for workforce and attainable housing evolved, and what trends are you seeing in the market?
The demand for affordable and workforce housing is undeniable. For instance, when we recently opened the lottery to select tenants for our new Pinnacle 441 Phase 2 development, we received over 10,000 applications for just 100 units. That’s a clear testament to the critical need for affordable housing in our community.
One of the biggest shifts we’ve seen in the industry is the impact of the Live Local Act. Live Local has sparked some of the most important conversations around workforce housing in the last two decades. It has prompted discussions between developers, municipalities, and stakeholders about how to bring more units online practically and affordably.
Although some details are in the process of being worked out within the Live Local Act, the fact that we now have a state-level framework for workforce housing is a major step forward. Our priority as developers is getting units built and making housing more accessible. If we can strike the right balance between regulation and feasibility, Live Local will be a game-changer for Florida’s housing market.
How have public-private partnerships shaped your ability to deliver innovative housing solutions?
Public-private partnerships play a crucial role in our ability to develop affordable and workforce housing. Without the collaboration and support of county and city governments, many of our projects simply wouldn’t be possible.
The reality is that the financial mechanisms currently in place at the state level don’t fully cover the costs of development. Construction costs, insurance rates, interest rates, and land prices are all extremely high. Without financial support from public partners, many affordable housing projects wouldn’t move forward, further exacerbating the affordability crisis.
For example, on our Pinnacle 441 Phase 2 project, Broward County provided a $10 million loan, which played a critical role in making the development feasible. The development also received $22 million in bonds from the Housing Finance Authority of Broward County. That kind of support allows us to transform underutilized or blighted properties into vibrant communities.
Additionally, the city of Hollywood encouraged us to acquire and redevelop a dilapidated trailer park into safe, high-quality affordable housing. The city and county provided financial and logistical support, and two years later, we now have a thriving 213-unit community between the two phases where families can live in a great location with top-tier amenities. For many working families, this location, near major employment hubs like the iconic Guitar Hotel at Seminole Hard Rock, provides a valuable opportunity to live closer to their jobs, significantly reducing commute times and enhancing daily convenience while providing them access to quality, affordable housing.
How is Pinnacle leveraging Live Local incentives to make projects viable?
Like most developers in Florida, we are actively working to make Live Local incentives fit within our projects. The act provides a critical tool for making deals work that previously wouldn’t have been financially feasible due to high costs.
We are currently working on developments across Broward and Miami-Dade counties, using Live Local benefits such as zoning adjustments and tax incentives to bring more workforce housing online. This program has become the single most important catalyst for workforce housing development over the next five years.
Without these incentives, many of these projects wouldn’t get off the ground or would end up as market-rate developments instead of workforce housing. Live Local makes it possible for developers to build financially viable projects while still reserving units for workforce housing. It’s a win-win—helping developers move projects forward while expanding the supply of much-needed housing for local communities.
What strengths do you see in Broward County’s market, and what opportunities exist for Pinnacle?
One of Broward County’s greatest strengths is the strong public-private partnership environment. Every city we’ve worked with, whether in Sunrise, Hollywood, or Miramar, has been open and eager to collaborate. That willingness to work together makes a significant difference in getting projects approved and built.
Beyond that, Broward offers an incredible quality of life. It has thriving communities, great entertainment, and beautiful landmarks. While I live just outside the county, I spend a lot of time in Broward, and I’ve seen firsthand how areas like Miramar Town Center and Pembroke Pines have evolved. Hollywood’s boardwalk is another great example of how the county has balanced development with community enhancements.
With its strong job market, entertainment options, and diverse housing, Broward has become a true one-stop destination where residents can find everything they need without leaving the area. That’s why we remain committed to pursuing opportunities here. We’re committed to working with county and city officials not only to develop much-needed housing, but also to contribute to the community’s long-term success.
What are Pinnacle’s top priorities in Broward over the next few years?
Our top priority is to continue expanding our development of affordable, workforce, and market-rate housing. We are deeply committed to ensuring that people can live in safe, high-quality housing in the same communities where they work and where their children go to school.
We continue to work closely with Broward County and local municipalities to identify new opportunities to support the community. Ultimately, our goal is to continue building housing that residents can take pride in, and that we, as developers, can drive by and say, “We helped make that happen.” There’s nothing more rewarding than knowing we’ve contributed to creating places where families can thrive.
