Affiliated Development has secured an attractive incentive package from the City of Fort Lauderdale for its upcoming apartment project. The company is now seeking additional incentives, up to $5.5 million, from Broward County in order to incorporate workforce housing into the development. With plans for a 400-unit complex featuring retail space and 549 parking spots on a 2.7-acre site, Affiliated intends to invest approximately $130 million into the Era Apartments.
Under this agreement with the city, Affiliated will receive a full rebate of its property taxes for this project over a period of 15 years without any limitations on the amount received.
Accordingly, this deal stipulates that 5% of units will be reserved for individuals earning up to 80% of area median income (AMI), while another10% will be designated for those making up to100% AMI and an additional37.5 %will cater towards those earning up to120 %of AMI.
Construction is set commence during summer months.
