University Station will provide 216 units of workforce housing, a 635-space parking garage, and a new home for Barry University College of Nursing and Health Services
Housing Trust Group (HTG), a leading multifamily developer, has closed on financing for University Station, a new $100 million, mixed-use development in Hollywood, Florida. A true public-private partnership (P3) with the City of Hollywood, the development is Housing Trust Group’s largest to date, and features workforce and affordable housing options, retail space, parking for public and private use, and a new home for Barry University’s College of Nursing and Health Services. This partnership resulted from an unsolicited proposal under Florida’s P3 statute 255.065. Construction will commence in June 2023, with completion expected in Spring 2025.
Located on 2.5 acres of city-owned land next to the future Broward Commuter Rail (BCR) South Station, the development will consist of 216 apartments, more than 2,000 square feet of commercial and retail space, 12,210 square feet of educational space, and a parking garage with 635 spaces. The property will have 108 one-bedroom and 108 two-bedroom floorplans with spacious living areas ranging from 621 to 899 square feet. One-hundred percent of the apartments will be reserved for individuals and families at various income thresholds, including 22, 30, 40, 60, 70, and 80 percent of the area median income (AMI), with rents ranging from $374 to $1,634.
“We are thrilled to continue our collaboration with the City of Hollywood to create high-quality developments that addresses a critical need for attainable housing in South Florida, while also fostering a walkable, transit-friendly downtown that will attract high-quality commercial tenants,” said Matthew Rieger, President and CEO of HTG. “This development represents our unwavering dedication to creating vibrant, inclusive communities that provide attainable housing options and essential resident services. We are grateful for the City of Hollywood’s partnership and look forward to transforming this vision into a reality.”
Located at 421 N 21st Ave, 309 N 21st Ave, and 2031 Polk Street, University Station will consist of three buildings, including two residential towers and a standalone, 635 space parking garage, of which 365 spaces will serve the Broward Commuter Rail South Station that is planned between Tyler and Taylor Streets, along the Florida East Coast (FEC) Railway.
“It is going to be the first public parking for the Broward Commuter Rail, and it’s nice to see that Hollywood is the first one off the ground. This is a big moment to get this done,” said Broward County Commissioner Beam Furr.
University Station will be a beacon of modern living, featuring a variety of amenities and facilities where residents will enjoy a state-of-the-art fitness center, multipurpose room, luxurious swimming pool, and bridges connecting the residential towers and parking garage. The building will adhere to the National Green Building Standard, incorporating high-efficiency systems such as low-flow fixtures, energy-efficient lighting and appliances. The property’s location is in the heart of Hollywood’s historic downtown, just a short walk away from a variety of restaurants, bars and entertainment options.
“This project brings so much to our community; attainable housing for working families, university education space, parking for the future passenger train service that Broward County is bringing on, and more parking for our downtown,” says Hollywood Mayor Josh Levy. “It’s a beautiful design, developed by top-notch developer, HTG, a great builder in ANF Group, and great community funding partners in Broward County and others. I thank everyone who helped to make this happen. We all have much to be excited about.”
Funding sources for University Station include $39.9 million in FHFC 9% Low-Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James, a permanent loan of $17.75 million provided by Bank of America, a $10.6 million State Apartment Incentive Loan (SAIL), a $1.5 million National Housing Trust Fund (NHTF) loan and a $600,000 Extremely Low Income (ELI) loan. Additionally, the property received $8.4 million in parking funds, a $6 million Broward Loan, a $2.4 million City Loan, and $100,000 in State Housing Initiatives Partnership (SHIP) funding from Broward County.
The development team includes Corwil Architects and contractor ANF Group Inc. HSQ Group will serve as the civil engineer, BNI Engineers will serve as the structural engineer, and RPJ Inc., Consulting Engineers will serve as the MEP engineer. Interior design will be done by B. Pila Design Studio, with landscape design by Witkin Hults + Partners. Kaller Architecture will serve as the interior designer for Barry University’s space within the development.