The Village Place Apartments, a $25 million affordable housing project for seniors in Fort Lauderdale, is set to open on Friday.
The 112-unit project was developed by the Housing Trust Group of Miami, which bought the land in 2013 for $2.8 million and finished construction earlier this year.
Located at 720 Northeast Fourth Avenue, the complex has a club room, fitness center, library and a fifth-floor pool.
Units are targeted for people aged 55-and-older who earn between 25 percent and 60 percent of the area’s median income.
Village Place is federally subsidized and received a $39 million loan package led by U.S. Bank in 2013 after the Housing Trust Group purchased the 1-acre property.
The bank granted the Housing Trust Group a $3 million permanent loan, $13.2 million in construction financing and invested $22.4 million from federal low-income housing tax credits.
“Seniors on fixed incomes in Fort Lauderdale struggle to find affordable housing that is safe and attractive,” John Lisella of U.S. Bank said in a statement. — Sean Stewart-Muniz