Moderno & 75Invest Reveal Plans for 290-unit Live Local Tower in Ft. Lauderdale

Moderno Development Group and 75Invest Group, in collaboration, are presenting plans for a mixed-income project under the Live Local Act in Fort Lauderdale.

Project Details

The proposal, spearheaded by Doron Broman of Moderno, entails the development of 500 Art Lofts, a 27-story, 290-unit rental building at 501 Southwest Second Avenue. Notably, 71 units will be allocated for workforce housing, catering to residents earning up to 120 percent of the area median income.

Legislative Context and Incentives

The Live Local Act, enacted by Gov. Ron DeSantis, offers incentives such as parking and property tax breaks to developers who include workforce housing in their projects. Recent legislative amendments further clarify and bolster these incentives. Moderno and 75Invest are leveraging both state and local incentives to support the endeavor.

Financial Considerations

Under the Live Local Act, developers can benefit from property tax exemptions ranging from 75 percent to 100 percent based on the integration of workforce housing within their projects. Broman highlights the viability of building workforce housing, previously deemed challenging, under this framework. He hints at potential future projects in Miami.

Community Impact and Housing Affordability

Broman emphasizes the importance of providing affordable housing, particularly in areas witnessing a surge in demand for reasonably priced units. By including workforce housing, the project aims to mitigate displacement and offer viable living options to blue-collar workers and young professionals.

Construction and Design Features

Construction of 500 Art Lofts is slated to commence within approximately 18 months, with Dorsky Yue Architecture leading the design. The building will incorporate public art installations and various amenities, enhancing its appeal and community integration.

Site Acquisition

The development encompasses multiple properties, including 500 Southwest Third Avenue and 510 to 514 Southwest Third Avenue, acquired by the developers' entity over a span of several years for approximately $6.7 million.