Broward to consider Related Group for affordable housing project

By Brian Bandell for The South Florida Business Journal

The Related Group is seeking to purchase a shuttered hotel in Pompano Beach from Broward County in order to build affordable and workforce housing.

The County Commission will consider the $7 million gap financing deal and ground lease with RUDG LLC, the affordable housing arm of Miami-based Related Group, on Dec. 10. It had the top-ranked proposal among the seven developers that applied to build affordable housing on the county’s 5.2-acre site at 1201 N.W. 31st Ave.

The county bought the property for $7.25 million in 2023 to set up an affordable housing development. It currently has a hotel building that previously housed a Motel 6.

The Related Group’s Cross Creek Apartments would have 467 units, with 327 of them affordable housing at 120% of area median income, 113 of them workforce housing at 120% of area median income and 27 of them market-rate. There would also be 3,900 square feet of retail, 690 parking spaces and a pool.

The median household income in Broward County is $89,100.

The Related Group is seeking a 75-year ground lease with Broward on the site, with an initial payment of $4.3 million upon closing. The $7 million in gap financing from the county’s Affordable Housing Trust Fund would be an interest-free loan to be repaid in 30 years.

According to a staff memo, Related Group will seek funding for the project from the Florida Housing Finance Corp. before moving forward.

Officials with Related Group declined comment, but they did provide renderings of the project.

With a huge increase in apartment rents in recent years, Broward officials have prioritized funding for affordable and workforce housing projects. They help keep crucial workers and public employees in the county.

While Related Group is best known for high-rise condo development, it’s also among the largest affordable housing developers in Florida.

External Source: Related Group seeks Broward County deal for affordable housing in Pompano Beach – South Florida Business Journal