The Real Deal Miami

$15M Fort Lauderdale affordable housing project complete

Housing Trust Group bought 1-acre site for $2.8M in 2013
January 28, 2015 09:45AM

Construction of a $15 million affordable housing development in Fort Lauderdale has been completed.

Housing Trust Group developed the 112-unit senior community, located near Las Olas Boulevard in downtown Fort Lauderdale. Sotolongo Salman Henderson designed the project, which has 82 one-bedroom units and 30 two-bedroom units, according to a press release.

Housing Trust Group bought the 1-acre site for $2.8 million in 2013. The developer received a $39 million loan from U.S. Bank in December 2013.

“This is a standout example of how public-private partnerships can be successfully created to provide much needed affordable and safe housing in Broward County while improving the quality of life for the area’s senior residents and increasing property values as well,” Housing Trust president and CEO Matthew Rieger said in a statement.

Village Place is located at 720 Northeast Fourth Avenue. Half of the units are reserved for households earning up to 50 percent of the area’s median income. The development is fully leased. — Katherine Kallergis