Out of the 168 apartments, 34 will be set aside for families earning less than 50 percent of the area median income (AMI), 116 units will be for families earning less than 120 percent of the AMI, and 18 will be market-rate rentals.
Units will range from studios to two-bedrooms, according to a statement from Related Urban, the firm’s affordable housing division. Amenities will include a fitness center, club room with a kitchen, swimming pool and live/work artists studios.
Broward County will lease the 1.1-acre site to the developer, according to the South Florida Business Journal. The 60-year lease calls for an initial payment of $300,000 to the county, plus a portion of the net proceeds from the commercial space and a minimum base rent of $25,000.
The city of Fort Lauderdale will need to approve the plans before the development can move forward. – Katherine Kallergie
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