Affiliated Lands $74M Loan, Kicks Off Fort Lauderdale Project
More than half of the community's units will be reserved for workforce housing.
Affiliated Development has secured a $74 million loan and started construction on The Cove, a 376-unit, mixed-income multifamily project in Fort Lauderdale, Fla. Pacific Life Insurance Co. originated the financing.
Moss Construction serves as general contractor for the $123 million project, marking the company’s eighth collaboration with Affiliated. Rinka is the architect of record.
Affiliated is developing the community under Florida’s Live Local Act, which grants administrative approvals and incentives for projects where at least 40 percent of the units are dedicated to workforce housing. The firm is also financing The Cove through its Affiliated Housing Impact Fund.
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The project received local incentives way before construction started. In late 2024, the city of Fort Lauderdale approved a 15-year, 100 percent property tax rebate to not exceed $8.8 million. In January 2025, Broward County issued a 30-year, 50 percent property tax rebate not to exceed $5.5 million. It’s Affiliated’s third partnership with the city and the county.
The Cove takes shape on 1.8 acres at 1055 N. Federal Highway, on the site of the former The Link Hotel, now demolished. The location is close to downtown Fort Lauderdale and its beach district and the city’s international airport is 6 miles away.
Upon completion, the community will include 207 residences, or 55 percent of the total unit mix, reserved for households earning at or below 120 percent of the area median income, exceeding the legislation’s percentage requirement. The eight-story building will also include structured parking.
Live Local Act in the Sunshine State
There are currently 24 under-construction and 234 proposed projects under the Live Local Act spread across the state, according to the Florida Housing Coalition’s dashboard. Miami-Dade County’s pipeline represents 35.5 percent of the total, followed by Hillsborough County at roughly 16 percent and Broward County at 9 percent.
One of the largest such projects is The HueHub, an $880 million, 4,032-unit development in Miami’s West Little River neighborhood. Forty percent of the apartments will cater to individuals earning at or below 120 percent of AMI.
Elsewhere in the state, Milhaus is developing a 231-unit project in Sarasota, Fla., the first under the Live Local Act in that county. Upon its projected completion in late 2027, the community will comprise five three-story buildings.
