The fifth phase of the redevelopment of the Northwest Gardens neighborhood in Fort Lauderdale, Fla., adds the final touch of creating a safe and flowing community from one end to the other.
To create an end-to-end community, the Housing Authority of the City of Fort Lauderdale (HACFL) purchased four remaining neighborhood infill parcels. Partner Atlantic Pacific Communities then structured the financing by pairing the scattered sites with Sunnyreach Acres, an HACFL public housing site.
Since none of the projects could stand alone, this strategy resulted in a better leveraged application and allowed the developer to rehabilitate 100 units of seniors public housing and to build 100 new apartments for seniors.
“The final phase represents the culmination of the vision that was put forward 12 years ago to revitalize such a huge swath of Fort Lauderdale,” says Lindsay Lecour, senior vice president at Atlantic Pacific Communities. “It feels new and more vibrant. It really is a visceral change that you can witness in person. It represents the fruition of a lot of blood, sweat, and tears that went into it all of these years.”
Northwest Gardens V, which was completed in June 2017, is serving seniors earning 30% and 60% of the area median income. Resident amenities include a library, a fitness center, and a computer lab. Additional amenities and services already had been in place through prior phases, such as a working community farm, pocket parks, and HACFL’s daily shuttle system.
“We really view this whole neighborhood as one large development, and we encourage residents to access the amenities and programs going on in other community centers and meeting rooms,” adds Lecour. “This is another benefit of the economies of scale this neighborhood is able to realize.”
In addition, the development team continued its goal of creating a green and sustainable community with the fifth phase. The neighborhood was one of the first pilot projects of the U.S. Green Building Council’s LEED Neighborhood Development standard, and it is going through the final steps to get its official certification. All of the phases have received silver or higher.
The $27.5 million development was financed with 4% low-income housing tax credits and SAIL loans from the Florida Housing Finance Corp. and tax-exempt bonds issued by the Broward County Housing Finance Authority. Bank of America Merrill Lynch was the director investor in the credits as well as purchased the bonds along with Barings Real Estate Advisors.
