RELATED group get approval for Multifamily project in Fort Lauderdale
The Miami-based Related Group joined FATVillage partners Doug McCraw and Lutz Hofbauer in securing approvals for a mixed-use project near Fort Lauderdale’s trendy Flagler Village neighborhood.
The Broward County Commission approved plans for the Gallery at FATVillage on Tuesday, a Related spokesperson confirmed. As planned, the 14-story, 168-unit project will include about 4,000 square feet of ground-floor retail space and a nearly 200-space parking garage.
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 Kallergis
By The Real Deal
EN
ES
FR
IT
PT
RU
GER
HR
