LAUDERDALE LAKES, FL--(Marketwire - May 14, 2010) - In an economic climate that has left many residential developers stalled, the Broward County Housing Authority (BCHA) is moving forward on several projects.
The upcoming projects reflect a diversity of locale, building style and financing. Located in Davie, Fort Lauderdale and Hollywood, they account for nearly $45 million in development costs, 235 jobs and 241 new affordable housing units.
Building styles include townhomes, a downtown eight-story building and garden-style apartments. BCHA will be working with two of the top affordable housing developers in the country and, for the first time, will fly solo and develop its own project.
Including these new projects, BCHA has pumped more than $120 million into Broward County, while creating 731 affordable housing units in the past five years.
"We've contributed significantly to the Broward County economy in the past five years," said Kevin Cregan, CEO of BCHA. "And it is going to continue for the rest of 2010 with three shovel-ready projects that have financing in place and are ready to go."
They include the 155-unit Ehlinger Apartments in Davie, a $29 million project, which is being developed with the Carlisle Development Group. The garden-style apartments will create 150 jobs; the project is set to begin in the fall.
The fall will also see ground broken on 76-unit high rise Progresso Point in downtown Fort Lauderdale. This $14 million project is being developed with the Reliance Housing Foundation and will create an estimated 75 new jobs.
This summer, BCHA will embark on its first solo development with the Crystal Lake Townhomes in Hollywood. The $1.8 million project will be adjacent to the Crystal Lake Apartments, an existing BCHA affordable housing development and will include two and three bedroom townhomes.
The BCHA creates housing opportunities for nearly 12,000 county residents by utilizing public and private funding. It focuses on providing affordable housing through the ownership/management of properties, administration of rental subsidies and counseling of homeowners and prospective owners.
For more information, visit www.bchafl.org.
Contact Information:
Media contact:
Adam Matza
Ambit Advertising and Public Relations
(954) 568-2100, ext. 105
adam@ambitmarketing.com