Landmark breaks ground on Pompano affordable housing with $12M loan

Majority of project's units will be rent-regulated for 30 years

TRD MIAMI /
Sep.September 29, 2016 03:45 PM

With $12 million worth of bank financing in hand, Landmark Companies has broken ground on a rent-regulated apartment project in Pompano Beach.

Landmark, headed by Robert Saland, has begun construction on an 111-unit project called City Vista at the corner of Northwest Sixth Avenue and Martin Luther King Boulevard, across the street from the Larkins Community Center.

The project is being funded with a $12 million loan from CitiBank, which county records show the developer closed on this week.

According to city documents, 107 of the project’s units are being reserved for low-income tenants, while four will be rented at market rates as part of Pompano’s push to promote mixed-income developments within the city. The seven-story building will also have 7,400 square feet of commercial space on the ground floor.

From City Vista’s opening date, those rent-regulated units are required to be affordable for 30 years, the documents show.

Landmark bought the land for $1.3 million earlier this year from Pompano’s community redevelopment agency, Broward County property records show, though the company had worked on securing approvals and low-income housing tax credits to help finance the project since at least 2013.

Pompano, Broward County’s second-oldest city, has seen a resurgence in development activity over the past few years, especially in the luxury condominium sector.


Related Articles

arrow_forward_ios
Josh Zegen, Madison Realty Capital, Invesca CEO Chris Longsworth

Invesca scores $102M construction loan for two SoFla apartment projects

Invesca scores $102M construction loan for two SoFla apartment projects
Rendering of Siena at Palm Aire (Credit: Stellar Communities)

Stellar Communities scores loan for Pompano Beach townhomes

Stellar Communities scores loan for Pompano Beach townhomes
651 South Federal Highway (Credit: Google Maps)

Pompano Beach marina sells for $6M

Pompano Beach marina sells for $6M
2401 West Atlantic Boulevard, Nightingale’s Elie Schwartz and Simon Singer and David Egozi of JDM Realty Group (Credit: Google Maps)

GDF Properties scores a retail center in Pompano Beach

GDF Properties scores a retail center in Pompano Beach
Nick Perez and the site at 1116 North Ocean Boulevard (Credit: Google Maps)

Related to launch Pompano condo sales in Q1 2020

Related to launch Pompano condo sales in Q1 2020
Daily Digest Miami

RNC’s winter meeting will be hosted at Trump Doral, developer scores $24M construction loan

RNC’s winter meeting will be hosted at Trump Doral, developer scores $24M construction loan
Harbourside at Hidden Harbour rendering

Multifamily project planned along Pompano Beach canal

Multifamily project planned along Pompano Beach canal
This vitamin maker sells off Pompano Beach warehouse after layoffs

This vitamin maker sells off Pompano Beach warehouse after layoffs

This vitamin maker sells off Pompano Beach warehouse after layoffs
arrow_forward_ios

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

Loading...