new multifamily building will soon be going up in Fort Lauderdale, FL, after the builder secured an $80 million loan.
Affiliated Development, a real estate developer based in South Florida, secured $80 million in financing and has officially begun construction on its latest multifamily development, The Era.
The Era will feature 400 apartment rental units in an eight-story building with secure garage parking.
“The Era is a Fort Lauderdale affordable housing development that received a 30-year property tax reimbursement, capped at $5.5 million, to build workforce housing in Broward County,” Kimberly Maroe, public information manager at Broward County Commission, tells Realtor.com®.
Half of the building’s 400 units will be for workforce housing residents earning between 80% and 120% of the area median income, according to the Miami Herald. Rental prices will vary depending on income. The lowest rates will be about $700, and the highest rate will be around $400 below the market rate.
That will likely be music to renters’ ears, especially since the average rent in Fort Lauderdale is $2,584 per month. That’s $893 more than the national median asking rent of $1,691, according to the latest Realtor.com Rental Report—which means Fort Lauderdale renters pay $10,716 more per year than the average renter.
Rent has grown 23.5% since 2020 in Fort Lauderdale—where there are currently 2,365 rental listings.