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Florida & Gulf Coast  + South Florida  + Apartments  | 
City/County agree on incentives for Ft. Lauderdale aparment project

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.

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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