$15M Fort Lauderdale affordable housing project complete

Miami /
Jan.January 28, 2015 09:45 AM

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

 

Related Articles

arrow_forward_ios
Ron DeSantis and Peter Thiel (Illustration by The Real Deal with Getty)
Peter Thiel on Florida real estate: “becoming like California”
Peter Thiel on Florida real estate: “becoming like California”
Affiliated Development co-founder Nick Rojo along with 9445 Fontainebleau Boulevard in Miami (left) and the Bohemian apartment project in Lake Worth Beach (right) (Getty Images, Affiliated Development, Google Maps, MSA Architects)
“Slamming on the brakes”: South Florida’s record rent hikes slow
“Slamming on the brakes”: South Florida’s record rent hikes slow
Clockwise from top left: One Sotheby’s Jorge Uribe, Compass' Ida Schwartz, Fortune International Group's Edgardo Defortuna and Royal Palm Companies' Dan Kodsi (Illustration by Kevin Rebong for The Real Deal)
Slowdown hits South Florida’s hot resi market: Here’s what that means
Slowdown hits South Florida’s hot resi market: Here’s what that means
(Illustration by The Real Deal with Getty Images)
South Florida’s June resi sales drop by double digits
South Florida’s June resi sales drop by double digits
(iStock/Illustration by The Real Deal)
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
US HUD Secretary Marcia Fudge (Getty, iStock)
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
Residential sales fall in Southern Florida
Residential sales fall in April across South Florida
Residential sales fall in April across South Florida
10061 Southwest 60th Court in Pinecrest with Dr. Robert DerHagopian (Google Maps, Miami Cancer Institute)
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...