Affiliated Development Starts Fort Lauderdale Project
More than half of the units in this community are set to be workforce housing.
Affiliated Development has started the development of The Era, a 400-unit apartment project in Fort Lauderdale, Fla. The Era will rise on South Andrews Avenue between SW 21st Street and SW 22nd Street in the South RAC area of downtown.
At least 210 of the building’s units will be for workforce housing residents earning between 80 and 120 percent of Area Median Income. The median area income in Broward County is currently $74,534 a year, which puts the workforce housing range from about $59,627 to $89,440.
The development will be an eight-story tower with garage parking. Common-area amenities at The Era will include a pool, fitness center, wellness studio and a rooftop observation deck and “speakeasy” with views of downtown Fort Lauderdale.
The site is near Broward County’s largest employment centers, including the Fort Lauderdale CBD, Broward Health, the new Federal Courthouse, Port Everglades, Fort Lauderdale/Hollywood International Airport and the Broward County Convention Center.
In October of last year, the city of Fort Lauderdale awarded the developer a fifteen-year property tax reimbursement to help finance the project. Broward County also awarded Affiliated a similar incentive, namely a 30-year property tax reimbursement up to $5.5 million.
The developer also obtained an $80 million first mortgage from the Bank of Montreal and an equity investment from Affiliated Housing Impact Fund, along with a number of private family offices, to fund the project. Moss and Associates, a Fort Lauderdale-based general contractor, has been tasked to build The Era, which was designed by A+R, an affiliate of Fort Lauderdale-based Rinka+.
As Broward grows, so does housing need
In Broward County, the need for housing will continue to grow as does the population. Currently, the county has a population of nearly 2 million, which will expand to more than 2.2 million by 2050, according to county estimates. Many new residents will need workforce housing.
An adequate supply of workforce housing will be a critical factor for sustained economic growth in the country, according to the 2022 Broward County Affordable Housing Needs Assessment.
“An affordable spectrum of housing types and opportunities enables local industries to recruit and retain workers,” the report notes. It added that the fastest growing occupations for the period of 2018 to 2026 in Broward County will include food preparation and serving workers, customer service representatives, registered nurses, retail workers and janitors and cleaners.
Late last year, another project in Fort Lauderdale secured a financing package for development. Sixth & Rio, a condo project located along the New River, is set to feature 94 residences. The eight-story building is set to deliver by 2026.
