Affiliated Buys Fort Lauderdale Development Site for $15M, Apartments Planned

Affiliated Development has acquired a 2.69-acre site in Fort Lauderdale for $15.2 million, where they plan to build the Era Apartments. The development, approved for 400 apartments and 3,650 square feet of retail space, will also provide 549 parking spaces. Affiliated Development has secured approval for $5.5 million in workforce housing incentives from Broward County and a 100% rebate on city property taxes from Fort Lauderdale for 15 years with no cap on the amount. This agreement ensures that a portion of the apartments will be available to individuals earning up to 120% of the area median income, addressing the need for affordable housing in Broward County, where the median household income is $82,100.

Read the full article here…