A new high-rise community in Hollywood, Florida, is helping to put a dent in South Florida’s affordability crisis. Developed by Housing Trust Group (HTG), the 96-unit Hudson Village serves families and individuals earning between 30% and 70% of the area median income. It also marks the first affordable high-rise residential development in the city in over two decades.
“There’s no doubt that South Florida and Broward County are suffering an affordability crisis of unprecedented proportions. Approximately 55% of Broward County’s workforce are employed in the service sector, where wages have not kept up with local housing costs,” says Matthew Rieger, president and CEO of HTG “Broward County is the lowest-ranked Florida county in terms of housing affordability and among the most cost-burdened counties in the entire country.”
Rieger says Hudson Village, which opened in August 2022, has upended conventional notions about what affordable housing communities can be. The development features a striking contemporary design and luxury amenities, including a 6,000-square-foot pool deck with a resort-style swimming pool and a trellis-covered grilling area; a media center; a large fitness center with free weights and a yoga/spinning room; a package delivery room; and a bike storage room. Almost all of the apartments have private balconies, with east-facing units enjoying views of the Atlantic Ocean and shoreline in the distance.
The management team strives to create a sense of community, hosting events and providing opportunities for the residents to stay engaged and connected with their neighbors. Residents also have access to literacy training, employment assistance programs, and financial support classes.
“Hudson Village is part of our testament to the importance of serving a diverse range of incomes, not only as a means of addressing housing affordability but also as a catalyst for creating a thriving and inclusive living environment for all,” adds Rieger.
Designed by Corwil Architects and built by Gomez Construction, the contemporary building also is helping Hollywood achieve its goals of creating a vibrant, walkable downtown. The partnership between HTG and the city played a pivotal role in bringing the development to fruition, according to Rieger.
“From the outset, the city actively engaged in the planning process, providing essential feedback and guidance that shaped the project’s overall vision,” he says. “Their commitment to fostering sustainable and community-centric development was evident throughout, aligning seamlessly with the goals of Hudson Village. This collaborative approach not only enhanced the project’s design but also ensured that it seamlessly integrated into the existing urban landscape.”
The $35.4 million development was financed with 9% low-income housing tax credits allocated by Florida Housing Finance Corp. and syndicated through Raymond James Affordable Housing Investments with JPMorgan Chase as the upper-tier investor. Additional financing included a construction loan from JPMorgan Chase and a permanent loan from Walker & Dunlop through Freddie Mac.
HTG will bring an additional 216 units to the city with the completion of University Station, a workforce and affordable housing community, in 2025.