South Florida’s Pembroke Pines Approves Affordable Housing Development
The Pembroke Pines City Commission has approved the development of Pembroke Tower II, an 88-unit, senior affordable housing project.
The building will house seniors 62 years and older with an area median income of 60 percent or less. The owner of the development site is DP Pembroke LLC, which is managed by J. David Page of Tampa.
The development site was rezoned in 2011 from commercial to residential high, which is 25 to 50 units per acre with a restrictive covenant on the land allowing for the development of only affordable, age-restricted housing, up to 200 units.
Many developers shy away from building affordable units because they’re not as profitable as market-rate ones. One of the ways the city made it easier for the developer was through a zoning variance that reduced the parking requirement from 395 to 188 spaces. Parking ups the cost of developing housing by increasing the land area required, unless the developer builds structured parking — also expensive.
The City Commission approved Pembroke Tower II on Wednesday. The Real Deal first reported the approval.
According to Local Housing Solutions, a housing platform created by New York University’s Furman Center and Abt Associates, structured or underground parking can cost from $25,000 to $65,000 per space.
Another way that affordable housing developers can limit their costs is through financial incentives, such as Low Income Housing Tax Credits (LIHTC). An inquiry to the Florida Housing Finance Corporation, which administers these federal tax credits, was not immediately returned.