Ground broken for senior housing
FORT LAUDERDALE – Ground has been broken on a $15 million affordable senior housing development which the developers say will cater to seniors over 55, including African-Americans.
The complex is being built at 720 NE Fourth Ave., Fort Lauderdale, minutes from Las Olas Boulevard and downtown Fort Lauderdale. Village Place is being developed by South Florida-based Housing Trust Group, a leading developer of affordable housing whose real estate transactions exceed more than $2 billion in the Southeastern United States, according to a company statement.
“Housing Trust Group is very proud to be starting construction of this new senior development made possible by US Bank and Broward County Housing. We are deeply committedto providing safe, secure, amenity rich and affordable communities that residents can truly call home,” said Matthew Rieger, president/CEO of Housing Trust Group. A total of 112 units will be allocated to people over age 55, including 82 one-bedroom/one-bath units and 30 two-bedroom/two-bath units in one residential building.
The development is located in an area that is part of the city and Broward County’s revedelopment target. The ground-breaking took place Dec. 18.
“Developments like Village Place for seniors are an opportunity for people to visit Fort Lauderdale and decide this is where they want to live. Seniors will benefit greatly from being near new restaurants and retailers coming into the heart of redevelopment along U.S.-1. We hope this is the beginning of many more affordable developments like this”. said Fort Lauderdale Commissioner Dean J. Trantalis of District 2.
Funding for Village Place came from Broward County Housing, which is providing $125,000, and US Bank, which is making $38.6 million available through its community development subsidiary. That includes a $13.2 million construction loan, a $3 million permanent financing loan and more than $22.4 million in Low-Income Housing Tax Credit equity from U.S. Bancorp Community Development Corporation awarded by Florida Housing Finance Corporation.
The project’s eco-friendly features include Water Sense certified faucets, toilets and showerheads, low-VOC paint and Energy Star qualified refrigerators. Other features include cable or satellite TV hook-ups, a fully equipped exercise room, a gated community entrance with touchpad entry or security guard.
Upon completion, the development will be certified as a Green building by the National Association of Home Builders, the developers said.