The City of Fort Lauderdale broke ground on a $42 million mixed-use project for affordable housing and commercial space, assisting residents who are still struggling to find places to live.
The Aldridge and the Laramore along the historic Sistrunk corridor is a twin building project with 72 rental apartments and street-level retail spaces at 1204 Sistrunk Boulevard
According to the Fort Lauderdale Community Redevelopment Agency, the Sistrunk Apartments project will feature two five-story buildings, each with 36 units, plus ground-floor commercial space geared toward small, neighborhood-serving businesses.
CRA project materials put the development at roughly $42 million and say that long-term affordability restrictions will be included in the deal to ensure rents stay below market levels over time.
Residential units are expected to rent for about $1,100 a month for one-bedroom apartments at The Aldridge and The Laramore, and $1,350 for two-bedroom apartments.
The city says rents will be capped at 30 percent of a household’s gross income, with that cap including utilities.
City and CRA officials say they plan to keep up community outreach while crews are on site, monitor the affordability covenants and continue to host hiring and vendor events as work progresses.