Related advances apartment project in Fort Lauderdale with below-market rents

Miami /
Dec.December 03, 2016 03:30 PM

Broward County endorsed a plan by Related Group and a partner to lease county land at Andrews Avenue and Sistrunk Boulevard and build apartments there, most of them with rents below market rates.

County commissioners voted November 29 to negotiate a land lease agreement with Miami-based Related Group and a company called Flagler Warehouse 1, co-owned by Doug McCraw, founder of the Flagler Arts and Technology Village, or FATVillage.

McCraw’s company and Related have formed a company called Related FATVillage LLC to build a mixed-use development with 150 apartments, including 109 that would be available at below-market rates.

Most of the apartments would have below-market monthly rents, including $1,631 for studios and $1,957 for two-bedroom units.

The development team tried to price the below-market units to keep rent from exceeding 30 percent of a tenant’s income.

The mixed-use development, called The Gallery at FAT Village, would have retail-store and art-gallery space on the ground floor.

Related FATVillage LLC would make payments on the county land lease over a 60-year term.

The county acquired the land at 600 North Andrews Avenue after a developer failed to build affordable housing there, one of two failed attempts to put below-market rentals on the property, county officials told the Sun-Sentinel.

Ralph Stone, executive director of the Broward County Housing Finance and Community Development Division, told the newspaper that Related FATVillage LLC isn’t seeking a subsidy, or land at little or no cost. [Sun-Sentinel] Mike Seemuth


Related Articles

arrow_forward_ios
From left: Charles Kushner, Wes Powell, Nicole Kushner Meyer and Laurent Morali with a rendering of the planned development (Kushner, Stantec, ODA Architecture, iStock)
Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project
Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project
From left: Jorge Perez, chairman and CEO, Related Group; Gil Dezer, president, Dezer Development (Getty Images, Related Group, LoopNet)
Related Group, Dezer win approval for 10-story oceanfront condo project in Hillsboro Beach
Related Group, Dezer win approval for 10-story oceanfront condo project in Hillsboro Beach
Mayor Dean Trantalis with Flagler Greenway to NE 9th Street (Wikimedia, Path Foundation)
Fort Lauderdale approves master plan for its $90M-plus version of Miami’s Underline
Fort Lauderdale approves master plan for its $90M-plus version of Miami’s Underline
A rendering of The Crosby, Related's Nick Pérez and Merrimac's Nitin Motwani
Motwanis, Related to develop 450-unit condo tower at Miami Worldcenter
Motwanis, Related to develop 450-unit condo tower at Miami Worldcenter
Sadhana and Sanjaykumar Patel of Luckey’s Management with a rendering of the 172-room hotel development in Fort Lauderdale (Luckey's Management/George White Architect)
Lucky Day? Luckey’s Management wins approval for 172-room, dual-branded hotel in Fort Lauderdale
Lucky Day? Luckey’s Management wins approval for 172-room, dual-branded hotel in Fort Lauderdale
Author Patrick Bet-David drops $9M on Broward office buildings
Author Patrick Bet-David drops $9M on Broward office buildings
Author Patrick Bet-David drops $9M on Broward office buildings
Fort Lauderdale approves downsized riverfront condo project downtown
Fort Lauderdale approves downsized riverfront condo project downtown
Fort Lauderdale approves downsized riverfront condo project downtown
Billionaire car auction magnate buys waterfront Fort Lauderdale teardown for $16M
Billionaire car auction magnate buys waterfront Fort Lauderdale teardown for $16M
Billionaire car auction magnate buys waterfront Fort Lauderdale teardown for $16M
arrow_forward_ios

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

Loading...