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Inducements Spur Ft. Lauderdale Apartment Development
Affiliated Development rounded up an incentive deal from the City of Fort Lauderdale and is now seeking up to $5.5 million in incentives from Broward County to include workforce housing in its Fort Lauderdale apartment project. Affiliated is looking to build a 400-unit project, with retail and 549 parking spaces on 2.7 acres. The company plans to spend up to $130 million for the Era Apartments.
The city deal grants the developer a 100% rebate of its city property taxes from the development of this apartment complex for 15 years, with no cap on the amount of money.
The deal states that 5% of the apartments would be for people making up to 80% of area median income (AMI), 10% would be for people making up to 100% of AMI and 37.5% would be for people making up to 120% of AMI.
Plans are to break ground this summer.
- ◦Development
