Workforce-housing focused Affiliated Development has launched construction of The Era, a 400-apartment community in Fort Lauderdale after securing $80 million in financing. 

The Era will stand eight stories tall on South Andrews Avenue between SW 21st and SW 22nd streets. At least 210 units will be reserved for residents earning between 80% and 120% of the area median income.   

Community amenities will include a resort-style pool, fitness center, wellness studio, and rooftop observation deck and speakeasy with views of downtown Fort Lauderdale.  

The project is a collaboration between Affiliated, the City of Fort Lauderdale and Broward County. In October, Fort Lauderdale awarded Affiliated a 15-year property tax reimbursement to help finance the project. The developer was also awarded a similar incentive from Broward County, which provided a 30-year property tax reimbursement of up to $5.5 million.  

The $80 million financing package consists of a first mortgage from the Bank of Montreal, as well as an equity investment from Affiliated Housing Impact Fund LP and several private family offices. In September, the Bank of Montreal provided a $50 million construction loan for another Affiliated project, the Spruce, a 270-unit workforce-housing development in West Palm Beach. 

“City and county leadership and staff have prioritized the creation of quality workforce housing and recognize how important this type of housing is to the fabric of our community,” Affiliated Co-Founder Jeff Burns said in a press release. “The Era will increase the quality of life for over 210 families and over 400 residents; we’re especially proud of that. “ 

Fort Lauderdale-based general contractor Moss and Associates is handling construction of the Era, which was designed by Affiliated’s in-house architecture firm A+R, an affiliate of Rinka+.