Affiliated Growth obtained a Fort Lauderdale improvement web-site for $15.2 million that is accredited for a 400-unit apartment constructing with floor-ground retail.
The Fort Lauderdale-based mostly advancement organization procured a 2.7-acre assemblage with three solitary-story buildings and a two-tale making slated for demolition at 2125 South Andrews Avenue, information and Vizzda present.
The sellers, 3 entities managed by Robert Lafferty in Fort Lauderdale, assembled the four attributes in between 2008 and 2021 for a merged $5 million, data show.
The web-site has approval for The Era, an 8-tale making with 400 apartments, 2,453 sq. feet of ground-floor retail and an 8-stage parking garage with 542 spaces. Past calendar year, Affiliated won $5.5 million in tax incentives for location aside 52 % of the apartments for workforce housing. The town of Fort Lauderdale also awarded Affiliated with a rebate on its town house taxes.
The workforce housing units would be established apart for individuals earning involving 80 p.c and 120 percent of Broward County’s median domestic income of $82,100 per yr, metropolis and county documents show.
Led by CEO Jeffrey Burns, Affiliated has $1.5 billion worth of initiatives that are done or are underneath development, the firm’s internet site states. The company not long ago concluded The Grand, an 8-tale multifamily creating with 301 apartments and floor-floor retail in West Palm Seashore.
In 2021, Affiliated scored $53 million in development financing for The Grand, in which two-thirds of the models are established aside for people earning 80 % or much more of Palm Seashore County’s family median cash flow, which is $98,300.
Also in Palm Beach front County, Affiliated is creating The Pierce, one more planned workforce housing venture with 236 residences and floor-floor retail in Boynton Seaside. The start out of building on The Pierce, which is on land owned by the Boynton Beach Neighborhood Redevelopment Agency, was delayed past 12 months thanks to a lawsuit by an existing tenant from the city and Affiliated, according to published studies.
