Developers Eloy Garcia & Nick Mendizabal Propose 198-unit Affordable Housing Project Near Seminole Hard Rock

A new 198-unit residential development is being proposed near the Seminole Hard Rock Hotel & Casino in Hollywood, Florida. This project is part of the growing trend of applications under the state's Live Local Act, aimed at addressing affordable housing needs.

Project Overview

Eloy Garcia and Nick Mendizabal, founders of Car Factory Outlet, have submitted plans to construct a 14-story building at 5200 South State Road 7. The proposal includes 6,000 square feet of commercial space and 277 parking spaces. The project is currently under preliminary review by the Hollywood Technical Advisory Committee, with further evaluations pending.

Ownership and Site Details

The nearly 1-acre property, currently housing a Car Factory Outlet used car sales center, was purchased by Garcia and Mendizabal for $2.4 million in April. While they own the site, it is still unclear whether they will develop it themselves or collaborate with another developer.

Live Local Act Incentives

The Live Local Act, a state law passed last year, offers developers incentives like tax breaks and zoning flexibility to encourage the construction of affordable and workforce-priced housing. At least 40 percent of the residential units in these projects must be designated for households earning no more than 120 percent of the area median income (AMI), with affordability requirements lasting at least 30 years. For Broward County, the AMI is $89,100, meaning at least 79 units in Garcia and Mendizabal’s project must be below-market rents.

Rising Demand for Affordable Housing

South Florida's housing affordability crisis has driven an influx of proposals under the Live Local Act. Developers are attracted to the incentives, which allow for larger-scale projects to meet the region’s growing housing demand.

Notable Projects Under the Live Local Act

Other large-scale projects under the Live Local Act include a 3,233-unit complex in Miami-Dade County proposed by Spanish developer Pablo Castro and Laura Tauber, and a 48-story, 544-unit tower in Miami’s Wynwood by Bazbaz Development. Despite the surge in applications, few projects have advanced beyond the planning phase. One exception is Daniel Abreu’s 80-unit development near North Miami, which recently secured a $16.5 million construction loan.