Trending
Affiliated pays $15M for Fort Lauderdale multifamily dev site
2.7-acre property is approved for The Era, 400-unit apartment project with ground-floor retail
Affiliated Development acquired a Fort Lauderdale development site for $15.2 million that is approved for a 400-unit apartment building with ground-floor retail.
The Fort Lauderdale-based development firm purchased a 2.7-acre assemblage with three single-story buildings and a two-story building slated for demolition at 2125 South Andrews Avenue, records and Vizzda show.
The sellers, three entities managed by Robert Lafferty in Fort Lauderdale, assembled the four properties between 2008 and 2021 for a combined $5 million, records show.
The site has approval for The Era, an eight-story building with 400 apartments, 2,453 square feet of ground-floor retail and an eight-level parking garage with 542 spaces. Last year, Affiliated won $5.5 million in tax incentives for setting aside 52 percent of the apartments for workforce housing. The city of Fort Lauderdale also awarded Affiliated with a rebate on its city property taxes.
The workforce housing units would be set aside for people earning between 80 percent and 120 percent of Broward County’s median household income of $82,100 per year, city and county records show.
Led by CEO Jeffrey Burns, Affiliated has $1.5 billion worth of projects that are completed or are under construction, the firm’s website states. The firm recently completed The Grand, an eight-story multifamily building with 301 apartments and ground-floor retail in West Palm Beach.
In 2021, Affiliated scored $53 million in construction financing for The Grand, where two-thirds of the units are set aside for people earning 80 percent or more of Palm Beach County’s household median income, which is $98,300.
Also in Palm Beach County, Affiliated is developing The Pierce, another planned workforce housing project with 236 apartments and ground-floor retail in Boynton Beach. The start of construction on The Pierce, which is on land owned by the Boynton Beach Community Redevelopment Agency, was delayed last year due to a lawsuit by an existing tenant against the city and Affiliated, according to published reports.