A New Affordable "High-Rise": The City of Hollywood Welcomes Hudson Village To Downtown
September 8, 2022
Housing Trust Group (HTG), an award-winning multifamily developer and one of the nation’s largest developers of affordable housing, is pleased to announce the completion of Hudson Village, a residential high-rise delivering 96 affordable apartments to Downtown Hollywood. Apartments at Hudson Village are reserved for residents earning 30, 60 or 70 percent of local area median income (AMI), with rents ranging from $401 to $1,300 for income-qualifying residents. The property is currently 100% percent occupied. It is the first new affordable “high-rise” residential development in the City of Hollywood in more than two decades.
The development is part of an overall vision by the City of Hollywood to create a more pedestrian-friendly Downtown and increase the supply of high-quality attainably priced housing in areas close to commercial activity and new public transportation networks.
Located at 901 South Federal Highway, Hollywood, Florida 33020 Hudson Village features striking contemporary architecture and luxurious amenities including a 6,000-square-foot pool deck. It is ideally located in Hollywood’s Central Business District, a mile and a half south of Young Circle and less than three miles from Hollywood Beach. Numerous shops, restaurants, grocery stores, schools and a library are within walking distance.
“Hudson Village is a testament to the extraordinary things that are possible when the public and private sectors work together to address a critical need such as affordable housing,” said Matthew A. Rieger, President and CEO of Housing Trust Group. “Broward County is among the most cost-burdened counties in the entire country, with very limited affordable housing. This property will be a godsend for the many working families and students who currently face long commutes to their jobs in Downtown Hollywood or at the hotels and restaurants along the beach. We are deeply grateful to City Mayor Josh Levy, Communications, Marketing & Economic Development Director Raelin Storey and Director of Development Services Shiv Newaldass for their tireless support of this project.”
“This development exemplifies the kind of high quality, well-designed attainable housing that residents can be proud of and that enhances our City,” says Mayor Levy. “The HTG Team has paid attention to every detail to deliver a Class A product that working families can afford.”
The $36 Million property, which broke ground in 2020, was financed with a $28 Million construction loan from Chase, $26 Million in 9% Low Income Housing Tax Credits from Florida Housing Finance Corporation syndicated through Raymond James Tax Credit Equity Funds with Chase as the Upper Tier Investor and a $9.75 Million permanent loan from Walker & Dunlop through Freddie Mac.
“Hudson Village is a shining example of what affordable housing can and should be and it comes at a time of tremendous need in this community, and throughout South Florida,” said Tammy Haylock-Moore, Chase Bank’s Head of Community Development Lending in Florida. “We’re incredibly proud of our role in bringing Hudson Village to fruition and the impact it will have on the individuals and families who now call it home.”
Also in Hollywood, HTG is developing a mixed-use commercial property on a 2.5-acre City-owned site on the east side of North 21st Street, between Filmore and Polk Streets, that will connect via a footbridge to a new commuter rail line connecting each of South Florida’s Downtowns. University Station, as it is called, will contain 216 apartments (200 of which will be reserved for residents earning up to 80 percent AMI); 4,000 square feet of commercial space; a facility to house Barry University’s College of Nursing and Health Services and a public parking garage.
Hudson Village offers a mix of 54 one-bedroom, one-bath apartments with an average size of 748 square feet and 42 two-bedroom, two-bath apartments with an average size of 1,087 square feet. All apartments feature open floor plans and walk-in closets, kitchen islands with Daltile Quartz Countertops, Energy Star-Rated Stainless-Steel Appliances, Plank Flooring and low-flow fixtures for Water Efficiency. Almost all of the apartments have a private balcony, including two apartments on the fourth floor with large wrap around balconies. Residents of the east-facing apartments can enjoy views of the Atlantic Ocean and shoreline in the distance.
The property’s amenities include a 6,000-square-foot pool deck with a large resort-style swimming pool, a trellis-covered BBQ area, lounge chairs and planters; a stunning lobby with seating area, media center and foosball table, along with a custom-made hanging glass art sculpture from Murano, Italy; a clubhouse/community room with a catering kitchen and bar, media center, ping-pong table and pool table; an extra-large fitness center with free weights and a Yoga/Spinning Room; a package delivery room; a bike storage room and a parking garage with 122 spaces.
A covered arcade-style sidewalk and ground floor glass facade helps address one the City’s goals for the Federal Highway Corridor, which is to make the pedestrian environment more harmonious with the built environment. Landscaping was carefully coordinated with the City to ensure that a variety of native species were integrated into the areas surrounding the sidewalks.
The project design and construction team for Hudson Village includes General Contractor HTG Gomez Construction, LLC; Engineering Firm Thomas Engineering; Architecture Firm Corwil Architects and Landscape Architects Witkins & Hultz.
About Housing Trust Group Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities whose real estate transactions exceed $3 Billion in commercial, land and residential developments across Florida, Texas, Illinois and Arizona. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing and mixed-use developments. For more information, please visit: https://htgf.com/