Affiliated Seeks $8.83M Incentive for Fort Lauderdale Tower
The ask prices out what a 100-120% AMI set-aside is worth in Broward, a number every sponsor there now has a comp for.
Affiliated Development is asking Fort Lauderdale for $8.83 million in tax reimbursement to build The Cypress, a 340-unit, eight-story apartment tower on 3.76 acres at 400 Corporate Drive, with 136 of its units set aside as workforce housing for households earning 100 to 120 percent of area median income. The Fort Lauderdale-based developer has the site under contract from current owner PFL VII LLC, with in-house architect Rinka designing the project and construction targeted to start in the second quarter of 2027 pending city approvals.
Why it matters
This is the same city incentive, and the same $8.83 million cap, that Affiliated collected on The Cove, its 376-unit Live Local tower a few miles away at Sunrise Boulevard and Federal Highway, where Fort Lauderdale approved a 100 percent property tax rebate for 15 years against that project’s workforce set-aside. Seeing the identical number attach to a second, differently sized building suggests Fort Lauderdale’s Affordable-Workforce Housing Ad Valorem Tax Reimbursement Incentive is producing a repeatable output for sponsors who hit a similar unit and AMI mix, not a one-off negotiated figure. For any Broward developer weighing whether a workforce set-aside pencils, that is a real data point: 136 units at 100-120 percent AMI priced out to $8.83 million in forgone city taxes on Affiliated’s math, and did so twice.
The numbers
The Cypress splits 340 total units into 204 market-rate and 136 workforce apartments, one, two and three-bedroom, with a pool, clubroom, fitness center, retail space and a shared parking garage tied into the adjacent Westin hotel. Broward County’s median household income is $89,100, so the 100-120 percent AMI band on the workforce units runs roughly $89,000 to $107,000. That mirrors The Cove’s incentive stack, where the city’s 15-year, 100 percent rebate was paired with a separate Broward County rebate covering 50 percent of taxes for 30 years, capped at $5.45 million, a second incentive layer The Cypress has not yet been reported to be seeking.
What’s next
The request now needs Fort Lauderdale city commission approval before Affiliated can close its capital stack and break ground. This is a different, undisclosed capital stack from The Cove’s $74 million Pacific Life loan, a separate Affiliated project in the same South Florida market. Watch for the commission’s vote on the incentive and for word of a construction lender once the tax reimbursement is locked in.