Affordable Senior Community Underway in Fort Lauderdale
HTG expects to complete construction on the 100-unit property in the first quarter of 2021.
Housing Trust Group has received financing and is about to break ground on Village View, a 100-unit affordable senior housing development in Fort Lauderdale, Fla. The community will cater to residents aged 55 and over, earning at or below 30, 60 and 70 percent of the area’s median income. The project is slated for delivery in the first quarter of 2021.
Project financing includes approximately $25 million in 9 percent Low Income Housing Tax Credit Equity (LIHTC) from Raymond James, a construction loan from Capital One and permanent financing through Walker & Dunlop.
Located at 640 N. Andrews Ave. in the emerging neighborhood of Flagler Village, the seven-story Village View will comprise 68 one-bedroom and 32 two-bedroom apartments ranging in size from 700 to more than 1,100 square feet. Amenities are to include a swimming pool, gym and media center, as well as structured parking. The community will be built to National Green Building standards. Rents at the property will range from $402 to $1,236.
The development site is 1 mile north of city center and west of U.S. Route 1, in an area abounding in shops and restaurants. The closest hospital is 2 miles south of the property. The senior living community will be three blocks southwest from another affordable senior asset developed by HTG in Fort Lauderdale, a 112-unit property completed in 2014.
The development team
Led by Corwil Architects, the development and construction team includes Bliss & Nyitray Inc. as structural engineer and Thomas Engineering as civil engineer and landscape architect, with B. Pila Design Studio in charge of interior design. ANF Group will be the project’s general contractor.
HTG developed more than 7,000 affordable and market-rate units throughout Florida, Georgia, Texas and Arizona. The company also has more than 2,000 new apartments in the pipeline. In December, HTG completed the first affordable development of the last 40 years in Riviera Beach, Fla.