The city of Sunrise is expected to award Affiliated Development over $19 million in incentives in exchange for the developer building workforce housing. The developer hopes to build 415 apartments and 3,650 square feet of retail in an eight-story building. One-third of the apartments would be workforce housing for people making up to 120% of the area’s median income. The S. Florida Business Journal reports that the city of Sunrise employees and residents would receive an exclusive “first look” at the building to sign leases.

The city would help the developer buy two parcels where the project is slated to go and also provide the developer with a tax increment financing (TIF) incentive through an 80% rebate of its property taxes for 25 years, worth up to $10 million. Finally, the city would provide $8.1 million in non-utility infrastructure incentives to the developer to cover costs such as streetscapes and parking.

Both parties agree the project would not be feasible without the incentives. The total budget for the project would be $150 million.

The post Affiliated Secures Incentives for Sunrise Workforce Apartments appeared first on Connect CRE.