Moderno Development Group and 75Invest Group filed plans for a Live Local Act mixed-income project in Fort Lauderdale.
The developers submitted their application for 500 Art Lofts, a 27-story, 290-unit rental building planned for the site at 501 Southwest Second Avenue, south of the New River, said Doron Broman, founder of Miami-based Moderno. Seventy-one units will be set aside for workforce housing.
Under state law, residents in those units can earn up to 120 percent of the area median income.
“That makes it worthwhile for us to build workforce housing, which was very difficult before,” Broman said. He is looking at building two more Live Local projects in Miami.
Because demand is higher for less expensive units, he expects that the workforce housing component will have a lower vacancy rate than the market-rate units.
