|
|
|
|
| PINNACLE HOUSING GROUP |
|
| |
|
9400 S Dadeland Blvd |
|
|
|
| |
|
Suite
#100 |
|
|
|
| |
|
Miami, FL 33156 |
|
|
|
| |
|
305-854-7100 |
|
|
|
|
|
|
|
|
|
Published Thursday, July 14, 2011
by Casey Murphy |
Ed Thompson believes the Pinnacle at North Chase will be an affordable rental community like none other in Tyler.
During a groundbreaking ceremony Wednesday, city leaders thanked Thompson, president of North Chase Development, for his vision for the north end of Tyler and his passion for the city. Pinnacle at North Chase will be a gated community of 120 garden apartment homes located at 3651 N. Broadway Ave, half a mile south of Loop 323. |
 |
The project is part of a 405-acre development. Thompson, along with his three partners who make up North Chase Development -- James Mobley, Keith Kirk and Roy Williamson -- plan to turn the area into a quality community of senior living, apartments, homes and retail centers.
"This (Pinnacle) will be an affordable rental community like you've never seen before," Thompson told the crowd of about 80 people braving the afternoon heat as bulldozers churned red dirt in the background.
Pinnacle Housing Group is the seventh largest developer of affordable housing in the country and has been successful at what it does, he said. "We're here because we believe in and we love Ed Thompson," Mayor Barbara Bass said. "Ed has a vision. His passion comes through."
Mayor Bass said she knows Pinnacle must be impressed with Thompson's vision and that is why they are in Tyler making the commitment to the community. She said there is not a lot of building going on in the current economy so for construction to be starting on the large project is a testament of Thompson and his vision.
FIRST IN TEXAS
"It's our first time in Texas and we are thrilled," Louis Wolfson, III, a partner in the Pinnacle Housing Group, said. After about 15 years in business, Pinnacle has 6,000 units of affordable housing and 20,000 residents, mostly in Florida, in Mississippi and now in Texas, he said.
Wolfson said the Pinnacle at North Chase will be built with high-quality materials and will be maintained beautifully in the future. The low-rent housing is meant to "bring you up and out and into home ownership in the future," he said. Wolfson said the project is scheduled for completion in February but weather permitting, they are shooting for an earlier opening in December. He said there will be one, two, three and four-bedroom units.
City Councilman Ralph Caraway thanked Pinnacle for "investing in our future." He also thanked Thompson for his tenacity and for his belief that the project could happen. Caraway said the city needs to "maximize its efforts to see the city grow completely, not portionally." Caraway said Thompson will take a lot of things from people but "does not take no" for an answer;" he never wondered if the project could happen, only when.
Lisa Stephens, Pinnacle's regional vice president, first met Thompson three years ago and said he is very passionate about Tyler, the north end of Tyler and the Tyler 21 plan. She said the city has been there every step of the way for the project, including investing in infrastructure.
The city spent $1.8 million to put in sewer and water lines in the area.
Pinnacle also was fortunate to get a house taxing credit from the government, Ms. Stephens said. Texas Department of Housing and Community Affairs awarded PHG Lone Star, LLC, a subsidiary of Pinnacle, $1.4 million in housing tax credits to help finance the project.
The tax credit project will feature rents affordable to tenants earning no more than 60 percent of the area median family income, which is about $33,180 for a family of four.
The "luxury-style" rental community will offer a clubhouse with a cyber cafe/computer lab, fitness facility, game room with a serving kitchen and a patio with an outdoor fire pit. There also will be a swimming pool, playground and covered picnic area, walking/jogging trails, outdoor fitness stations and a sand volleyball court.
People interested in becoming tenants of Pinnacle at North Chase should call LEDIC Management Group, LLC, which will handle the leasing, at 903-944-3610.
For more information visit www.northchasetyler.com or www.pinnaclehousing.com |
| Link to Story on TylerPaper.com |
| ©2011 TylerPaper.com/Tyler Morning Telegraph |
 PREVIOUS ARTICLE |
NEXT ARTICLE |
| |
