19 Apr Affiliated Development Completes Financing of Highly Anticipated Downtown Fort Lauderdale Mixed-Use Project, The SIX13
Affiliated Development is proud to announce the closing of The SIX13, a six story mixed-use building with 142 one and two bedroom apartments, 197 garage parking spaces, and 5,991 square feet of ground floor restaurant and commercial space located in the up and coming Progresso Village at 613 NW 3rd Avenue, Fort Lauderdale, FL 33311.
The SIX13 will feature a fourth floor resort style pool with private cabanas, a fitness facility with yoga and cycling studio, a rooftop observation deck with bocce ball court, a private off-leash dog park, ground level co-working space, and an onsite coffee bar for residents. Additionally, the property will include a free bike sharing program, and integrate state of the art technology throughout the building. Units will be complete with luxury finishes such as stone countertops, stainless steel appliances, walk-in closets, private terraces with cityscape views, and high speed wireless internet.
The project is tailored to meet the growing demand for luxury living at attainable rents in downtown Fort Lauderdale. The SIX13 will offer units at a considerable savings compared to surrounding properties without sacrificing quality of life for their residents.
Jeff Burns, Principal and CEO of Affiliated Development, explains, “Our goal is to provide luxury living at rents that are attainable to the vast number of residents being priced out of the local market. Fort Lauderdale has a booming economy, and requires a highly skilled workforce that unfortunately has limited options when it comes to renting one of the newer projects downtown. Just 4% of workforce renters live in units that were built after 2010; this isn’t acceptable. We intend on improving the quality of life for our residents without creating a financial burden.”
Over it’s short history, The SIX13 has already garnered strong community approval and support for the project. In addition to receiving unanimous neighborhood approval from the Progresso Village Neighborhood Association, The SIX13 received City of Fort Lauderdale (NPF) CRA Board funding approval for $7 million in gap funding assistance for the project on May 16th, 2017.
Burns goes on to say, “This project is a prime example of how private and public sectors can join forces to help build communities. The Mayor and City Commission, as well as the CRA and City of Fort Lauderdale Staff, have been exceptional to work and partner with. Fort Lauderdale has forward-thinking leadership in place and without their support, this project would not be possible.”
The SIX13 will be the first major development west of the Florida Eastcoast Railway tracks along the historic Sistrunk Corridor, an area of town that has recently experienced an influx of private investment.
More notably, the project is located within a Qualified Opportunity Zone (QOZ), which under the Tax Cuts and Jobs Act of 2017 offers investors attractive tax benefits in an effort to perpetuate positive economic growth. Affiliated Development utilized Qualified Opportunity Zone funding for the project by raising money from investors that had recently experienced a capital gain.
“The SIX13 is exactly the type of investment the Opportunity Zone program is intended to generate. We believe in the merits of the program, and have already begun to see the positive impacts within our census tract. Affiliated Development is actively pursuing additional development projects located within Qualified Opportunity Zones in Florida,” adds Nick Rojo, Principal and President of Affiliated Development.
Affiliated Development has assembled a team of local companies to execute this development including Moss Construction, FSMY Architects & Planners, Cadence Landscape Architects, ID & Design International, and City National Bank.
Expected delivery of initial units at The SIX13 is projected for Spring of 2020. For more information, visit www.thesix13.com.
For rental inquiries, please email info@affiliateddevelopment.com.
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