Related advances apartment project in Fort Lauderdale with below-market rents
Broward County endorsed a plan by Related Group and a partner to lease county land at Andrews Avenue and Sistrunk Boulevard and build apartments there, most of them with rents below market rates.
County commissioners voted November 29 to negotiate a land lease agreement with Miami-based Related Group and a company called Flagler Warehouse 1, co-owned by Doug McCraw, founder of the Flagler Arts and Technology Village, or FATVillage.
McCraw’s company and Related have formed a company called Related FATVillage LLC to build a mixed-use development with 150 apartments, including 109 that would be available at below-market rates.
Most of the apartments would have below-market monthly rents, including $1,631 for studios and $1,957 for two-bedroom units.
The development team tried to price the below-market units to keep rent from exceeding 30 percent of a tenant’s income.
The mixed-use development, called The Gallery at FAT Village, would have retail-store and art-gallery space on the ground floor.
Related FATVillage LLC would make payments on the county land lease over a 60-year term.
The county acquired the land at 600 North Andrews Avenue after a developer failed to build affordable housing there, one of two failed attempts to put below-market rentals on the property, county officials told the Sun-Sentinel.
Ralph Stone, executive director of the Broward County Housing Finance and Community Development Division, told the newspaper that Related FATVillage LLC isn’t seeking a subsidy, or land at little or no cost. [Sun-Sentinel] – Mike Seemuth
Source: The Real Deal