Affiliated Development has been awarded over $19 million in incentives from the city of Sunrise for their upcoming project. In exchange, the developer will construct an eight-story building with 415 apartments and 3,650 square feet of retail space. A third of these units will be designated as workforce housing for individuals earning up to 120% of the area’s median income.
According to reports from the South Florida Business Journal, employees and residents of Sunrise will have priority access to lease these apartments before they are made available to the general public.
To facilitate this project, the city has agreed to assist Affiliated Development by purchasing two parcels where construction is planned and offering a tax increment financing (TIF) incentive that includes an 80% rebate on property taxes for a period of 25 years. This could potentially amount up to $10 million in savings for Affiliated Development. Additionally, non-utility infrastructure incentives worth $8.1 million will be provided by the city towards expenses such as streetscaping and parking.
Both parties acknowledge that without these incentives, this project would not be feasible. The total budget allocated for this development is estimated at $150 million.
