$128 Million Public-Private-Partnership Workforce Housing Development in Downtown Fort Lauderdale
South Florida-based Affiliated Development has closed on $80 million in financing and started construction on the firm’s newest multifamily development project in Fort Lauderdale, The Era.
Located on South Andrews Avenue between SW 21st Street and SW 22nd Street, The Era will deliver 400 apartment rental units to the South RAC area of the downtown in an 8-story building with a secure garage parking. The Era will dedicate a minimum of 210 of the building’s 400 units for workforce housing residents earning between 80% and 120% of area median income. The site is strategically situated within close proximity to the County’s largest employment centers, including Broward Health, the new Federal Courthouse, Port Everglades, Fort Lauderdale/Hollywood International Airport, the Broward County Convention Center and Fort Lauderdale’s Central Business District.
Fort Lauderdale-based Affiliated Development has developed a niche for building luxury class-A multifamily communities at competitive rents. The Era will be fit with luxury finishes, features and amenities, including a resort style pool, fitness center and wellness studio, and a roof top observation deck and “speakeasy” with views of downtown Fort Lauderdale.
The Era celebrates a successful collaboration between Affiliated, the City of Fort Lauderdale and Broward County to address both redevelopment and housing. In October 2024, the City of Fort Lauderdale awarded the developer a fifteen-year property tax reimbursement to bridge the funding gap and help finance the project. Affiliated was also awarded a similar incentive from Broward County, which provided a 30-year property tax reimbursement up to $5.5m.
“City and County leadership and staff have prioritized the creation of quality workforce housing and recognize how important this type of housing is to the fabric of our community,” says Jeff Burns, Co-Founder of Affiliated Development. “The Era will increase the quality of life for over 210 families and over 400 residents, we’re especially proud of that. “
In addition to the funding incentives, the Era was capitalized by a $80 million first mortgage from the Bank of Montreal and an equity investment from Affiliated Housing Impact Fund, LP and several private family offices. This is the second project recently financed by BMO, in September BMO provided a $50 million construction loan for another Affiliated project, the Spruce, a 270-unit mixed income workforce housing development in West Palm Beach.
“Providing quality, attainably priced housing would not be possible without participation from our public partners at the City and County,” says Nick Rojo, Co-Founder of Affiliated Development. “It takes creative solutions to address the housing crisis, especially given the current cost and interest rate environment.”
“At a time where the cost of living is making housing less affordable for many of our residents, government and the private sector must come together to undertake creative solutions,” says Fort Lauderdale Mayor Dean Trantalis. “As mayor, I am excited to collaborate with Affiliated Development to bring high-end attainably priced housing to the south portion of our downtown.”
Ralph Stone, the Executive Director of the Broward County Housing and Finance Authority added, “Broward County has an extensive demand for affordable rental units to house the County workforce. We have forged an effective public/private funding approach with the City of Fort Lauderdale, Broward County and the ERA developers. We look forward to the availability of an additional 210 affordable units.”
The Era is being constructed by Moss and Associates, a Fort Lauderdale-based general contractor, and was designed by the firm’s in-house architecture firm A+R, an affiliate of Fort Lauderdale-based Rinka+.
“Honoring relationships is one of our core values, the Era represents our second project with BMO, fourth with our equity partners and seventh with Moss and Associates,” Says Nick Rojo.
Affiliated Development is the most active workforce housing developer in South Florida and has completed similar projects in Broward County, in addition to Palm Beach and Miami-Dade. Earlier this year, Affiliated Development was recognized by The Housing Leadership Council as the For-Profit Developer of the Year. Affiliated Development capitalizes projects like The Era through their partnership with several local public pension plans that invest in the firm’s strategy in an effort to tackle the region’s workforce housing crisis.
About Affiliated Development
Affiliated Development (“Affiliated”) is a regional real estate development and investment company headquartered in Fort Lauderdale, Florida with offices in West Palm Beach, FL. Affiliated specializes in mixed-use multifamily ground-up development and has created a niche in working with local government to help bring about redevelopment and construct workforce housing. The company was formed as a mission-based organization with the goal of building mixed-use multifamily developments to target unmet demand and underserved areas within the market. Affiliated works directly with communities to improve the quality and sustainability of housing stock for residents, resulting in the development of Class A luxury apartments at attainable rates.
