Landmark breaks ground on Pompano affordable housing with $12M loan
Majority of project’s units will be rent-regulated for 30 years
September 29, 2016 03:45PMBy Sean Stewart-Muniz
Rendering of City Vista
With $12 million worth of bank financing in hand, Landmark Companies has broken ground on a rent-regulated apartment project in Pompano Beach.
Landmark, headed by Robert Saland, has begun construction on an 111-unit project called City Vista at the corner of Northwest Sixth Avenue and Martin Luther King Boulevard, across the street from the Larkins Community Center.
The project is being funded with a $12 million loan from CitiBank, which county records show the developer closed on this week.
According to city documents, 107 of the project’s units are being reserved for low-income tenants, while four will be rented at market rates as part of Pompano’s push to promote mixed-income developments within the city. The seven-story building will also have 7,400 square feet of commercial space on the ground floor.
From City Vista’s opening date, those rent-regulated units are required to be affordable for 30 years, the documents show.
Landmark bought the land for $1.3 million earlier this year from Pompano’s community redevelopment agency, Broward County property records show, though the company had worked on securing approvals and low-income housing tax credits to help finance the project since at least 2013.
Pompano, Broward County’s second-oldest city, has seen a resurgence in development activity over the past few years, especially in the luxury condominium sector.
Source: The Real Deal