The city of Hollywood is getting its first new affordable residential development in over 20 years.
Miami-based developer Housing Trust Group has completed Hudson Village, a 96-unit high-rise in downtown Hollywood.
The apartments are leased to people earning between 30% and 70% of the local median income, with rents ranging from $401 to $1,300 a month for qualified residents.
The property, at 901 S. Federal Highway, is 100% occupied and is part of the city’s vision to increase the supply of high-quality, affordable housing near commercial activity and new public transit networks.
Matthew Rieger, president and CEO of Housing Trust Group said Hudson Village is a testament to what can happen when the public and private sectors work together to address affordable housing and hopes others can follow suit.
“Broward County is among the most cost-burdened counties in the entire country, with very limited affordable housing. This property will be a godsend for the many working families and students who currently face long commutes to their jobs in downtown Hollywood or at the hotels and restaurants along the beach,” said Rieger in a press release. “We are deeply grateful to City Mayor Josh Levy, communications, marketing and economic development director Raelin Storey and director of development services Shiv Newaldass for their tireless support of this project.”
According to RentCafe.com, the average rent in Hollywood is $1,872 for the average unit size of 873 square feet. In Hollywood, the most affordable neighborhoods are Lawn Acres and South Central Beach, where the average rent is both about $1,438 a month, and Washington Park, where the average rent is $1,831 a month.
Also in Broward County, the average cost of rent for a 959-square-foot apartment in Fort Lauderdale is $2,719. The most affordable neighborhoods are City View Townhomes, Dillard Park and Dorsey-Riverbend, where the average rent per month in all three is $1,377.
In Miami, the average rent for an 887-square-foot apartment is $2,307. The most affordable neighborhoods are Palmer Lake – Mia Station with the average rent at $964 a month, Mays Gardens at $1,286 per month, and Ascot Park at $1,489 per month.
Hudson Village has 54 one-bedroom, one-bath apartments that are 748 square feet and 42 two-bedroom, two-bath apartments that are about 1,087 square feet.
Amenities at Hudson Villages include a 6,000-square-foot pool deck with a resort-style pool, a covered BBQ area, a media center, a clubhouse with a catering kitchen and bar, yoga and spinning room, and a packing delivery and bike storage room. There’s also a parking garage with 122 spaces.
Levy, Mayor of Hollywood said the development exemplifies the kind of high-quality and well-designed attainable housing that residents can be proud of.
“The HTG team has paid attention to every detail to deliver a Class A product that working families can afford,” said Levy.
The project, which cost $36 million, was made possible by a $28 million construction loan from Chase Bank, $26 million in 9% low-income housing tax credits from Florida Housing Finance Corp., which was syndicated through Raymond James Tax Credit Equity Funds, and a $9.75 million permanent loan from Walker & Dunlop through Freddie Mac.