Live Local Act development in Broward obtains $38M in construction funding

By Brian Bandell for South Florida Business Journal

An apartment development in Sunrise is the first Live Local Act project in Broward County to obtain construction financing.

Pine Island Park LLC, led by Lewis Swezy of Miami Lakes-based Centennial Management, secured a combined $38.13 million in construction funding from multiple sources, according to county records. It will fund 120 affordable apartments on the 4.8-acre site on the south side of Northwest 44th Street, directly east of Oak Hammock Park at 9220 N.W. 44th St.

The Live Local Act allows developers to bypass local zoning, height and density rules to build multifamily on commercial- or industrial-zoned sites, as long as 40% of the units are workforce housing for people making up to 120% of area median income.

While in many applications the projects are a mix of market-rate and workforce apartments, Pine Island Park in Sunrise will be 100% affordable apartments. However, the Live Local Act allowed the developer to move faster with the approval process, as it obtained its plat note amendment from the city in April without the need to rezone the property.

Modis Architects designed Pine Island Park.

This property was previously approved for medical offices. The developer purchased it for $3.2 million in 2023.

The 120 apartments in the six-story Pine Island Park would be priced for people making 30% to 80% of area median income.

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

Like most affordable housing developments, Pine Island Park depends heavily on public funding.

Its construction financing consists of $24 million from the Housing Finance Authority of Broward County via JPMorgan Chase Bank, $6.51 million from the Florida Housing Finance Corp. through the State Apartment Incentive Loan (SAIL) program, $5.4 million from Broward County, $1.575 million from the Florida Housing Finance Corp. through the National Housing Trust Fund program, and $640,000 from the city of Sunrise.

Swezy couldn’t be reached for comment.

So far, the only Live Local Act projects in South Florida that have broken ground contain either workforce or affordable housing, not market-rate apartments. There have been dozens of high-rise development applications through the Live Local Act, but those more expensive projects have yet to secure funding.

External Source: Pine Island Park affordable housing Live Local Act in Sunrise by Centennial Management obtains construction loans – South Florida Business Journal