By Joshua Ayers, Senior Editor
Fort Lauderdale, Fla.—South Florida developer Housing Trust Group broke ground on its newest affordable senior housing development, Village Place, in Fort Lauderdale, Fla.
The project is located at 720 NE 4th Avenue in Fort Lauderdale, Fla., and will add to the more than $2 billion Housing Trust Group has invested throughout the Southeastern U.S.
“Housing Trust Group is very proud to be starting construction of this new seniors development made possible by US Bank and Broward County Housing,” says Matthew Rieger, president and CEO of Housing Trust Group. “We are deeply committed to providing safe, amenity rich and affordable communities that residents can truly call home.”
The project was funded from several sources including $125,000 from Broward County Housing and $38.6 million from US Bank’s community development subsidiary. The US Bank financing consisted of a $13.2 million construction loan, a $3 million permanent financing loan and more than $22.4 million of Low-Income Housing Tax Credit (LIHTC) equity from U.S. Bancorp Community Development Corp. that was awarded by Florida Housing Finance Corporation.
Village Place will bring 112 new units to the affordable seniors housing market in Fort Lauderdale. The single residential building will consist of 82 one-bedroom/one-bath units and 30 two-bedroom/two-bathroom units housed in a single building. Additionally, the community will contain eco-friendly features such as Water Sense certified faucets, toilets and showerheads; low VOC paint; and Energy Star-rated refrigerators. Other amenities will include a fully-equipped fitness center and cable or satellite television hook-ups. The community is expected to be certified as a green building by the National Association of Home Builders (NAHB) once construction is complete.
“Developments like Village Place for seniors are an opportunity for people to visit Fort Lauderdale and decide this is where they want to live,” says Dean J. Trantalis, District 2 commissioner, City of Fort Lauderdale. “Seniors will benefit greatly from being near new restaurants and retailers coming into the heart of redevelopment along US1. We hope this is the beginning of many more affordable developments like this.”
The development site is located a few minutes from Fort Lauderdale’s posh Las Olas Boulevard, a hub featuring more than 30 restaurants, as well as an assortment of art galleries, shopping and several museums.