Affiliated Development has strategically acquired several adjacent properties in Fort Lauderdale to pave the way for a 400-unit apartment complex targeting the workforce. The Era Apartments, with an estimated cost of $15.2 million, will also feature 3,650 square feet of street-level retail space.
The company has successfully obtained approval from Broward County and the city of Fort Lauderdale for significant incentives towards this project. This includes $5.5 million in workforce housing incentives and a full rebate on city property taxes for 15 years without any limit on the amount.
As per the agreement, a portion of these apartments (5%) will be reserved for individuals earning up to 80% of area median income (AMI), while another segment (10%) will cater to those earning up to 100% AMI. Additionally, nearly half (37.5%) are designated for individuals making up to 120% AMI.
This development by Affiliated is set to provide much-needed affordable housing options in Ft.Lauderdale’s growing market.
