Midtown Capital Partners has moved forward with its plan to develop a 300-unit apartment building in Plantation, Florida. The project, which will include 60 affordable housing units, is being developed under the state’s Live Local Act.
On Wednesday, the Plantation City Council unanimously approved the site plan for the six-story residential building. The development will be constructed on a 7.9-acre parking lot at 7510 West Sunrise Boulevard within the Plantation Pointe office park. This area is currently designated for industrial use and zoned for light industrial operations.
Dan Holmes, director of planning, zoning and economic development for Plantation, addressed the city council about the location. “The location is a parking lot that is seldom used. If you drive by there, on most occasions, you’ll notice that it’s vacant,” Holmes said.
Midtown Capital Partners, based in Miami and led by CEO and managing partner Alejandro Velez, acquired the parking lot as part of a $56.6 million purchase in 2017. That acquisition included multiple properties at Plantation Pointe, notably two buildings at 7600 and 7700 West Sunrise Boulevard totaling approximately 221,000 square feet.
Of the planned apartments, 60 will be designated as rent-restricted affordable housing units. These will consist of 10 studios, 23 one-bedroom apartments, 21 two-bedroom apartments and six three-bedroom apartments. Midtown Capital has agreed that these units—representing 20 percent of the total—will remain affordable for a period of 20 years through restrictive deed covenants.
Holmes explained how state law applies to this project: “In this case, the applicant [Midtown Capital] is requesting to provide 20 percent of the units as affordable,” he said. “Under the Live Local Act, they’re asking to bypass … rezoning and land use [changes]. So, that’s something the city council has the discretion to do or not.”
The Live Local Act allows developers who set aside at least 40 percent of their planned dwellings as affordable housing to obtain administrative approval without public hearings or local government review. For projects where at least 10 percent are designated as affordable housing—as with Midtown Capital’s proposal—local governments may choose whether or not to hold a public hearing before approving such developments.
Council member Jennifer Andreu suggested extending affordability restrictions from twenty years to thirty years but her proposal was not adopted by other members. Council member Timothy J. Fadgen commented on Midtown Capital’s offer: “I feel 20 [years] is a reasonable request because they are giving us double [the percentage of units] what they’re required to under the Live Local [Act].”
