Housing Trust Group Breaks Ground On $100 Million Mixed-Use ‘University Station’ Development In Hollywood

Updated 06.28.23

Housing Trust Group (HTG) has closed on financing for University Station, a new $100 million, mixed-use development in Hollywood.

A true public-private partnership (P3) with the City of Hollywood, the development is Housing Trust Group’s largest to date, and features workforce and affordable housing options, retail space, parking for public and private use, and a new home for Barry University’s College of Nursing and Health Services. This partnership resulted from an unsolicited proposal under Florida’s P3 statute 255.065.

Construction will commence in June 2023, with completion expected in Spring 2025.

Located on 2.5 acres of city-owned land next to the future Broward Commuter Rail (BCR) South Station, the development will consist of 216 apartments, more than 2,000 square feet of commercial and retail space, 12,210 square feet of educational space, and a parking garage with 635 spaces. The property will have 108 one-bedroom and 108 two-bedroom floorplans with spacious living areas ranging from 621 to 899 square feet. One-hundred percent of the apartments will be reserved for individuals and families at various income thresholds, including 22, 30, 40, 60, 70, and 80 percent of the area median income (AMI), with rents ranging from $374 to $1,634.

“We are thrilled to continue our collaboration with the City of Hollywood to create high-quality developments that addresses a critical need for attainable housing in South Florida, while also fostering a walkable, transit-friendly downtown that will attract high-quality commercial tenants,” said Matthew Rieger, President and CEO of HTG. “This development represents our unwavering dedication to creating vibrant, inclusive communities that provide attainable housing options and essential resident services. We are grateful for the City of Hollywood’s partnership and look forward to transforming this vision into a reality.”

Located at 421 N 21^st Ave, 309 N 21^st Ave, and 2031 Polk Street, University Station will consist of three buildings, including two residential towers and a standalone, 635-space parking garage, of which 365 spaces will serve the Broward Commuter Rail South Station that is planned between Tyler and Taylor Streets, along the Florida East Coast (FEC) Railway.

“It is going to be the first public parking for the Broward Commuter Rail, and it’s nice to see that Hollywood is the first one off the ground. This is a big moment to get this done,” said Broward County Commissioner Beam Furr.

University Station will be a beacon of modern living, featuring a variety of amenities and facilities where residents will enjoy a state-of-the-art fitness center, multipurpose room, luxurious swimming pool, and bridges connecting the residential towers and parking garage. The building will adhere to the National Green Building Standard, incorporating high-efficiency systems such as low-flow fixtures, energy-efficient lighting and appliances. The property’s location is in the heart of Hollywood’s historic downtown, just a short walk away from a variety of restaurants, bars and entertainment options.

“We frequently hear from people who are seeking an attainable housing option within our historic downtown,” says Joann Hussey, Interim Director of Economic Development for the City of Hollywood. “They know it’s the place to be because it is centrally located and has easy access to existing and expanding commuter options. They want to walk to a vibrant downtown, and bike to the nearby beach to enjoy a meal or time with family and friends, and they want to experience all the amenities an urban lifestyle affords without breaking their monthly budget. The University Station project ticks all those boxes and more, and we are excited to be working with HTG to bring another beautiful attainable housing option to our growing city.”

 

“This project brings so much to our community; attainable housing for working families, university education space, parking for the future passenger train service that Broward County is bringing on, and more parking for our downtown,” said Hollywood Mayor Josh Levy. “It’s a beautiful design, developed by top-notch developer, HTG, a great builder in ANF Group, and great community funding partners in Broward County and others. I thank everyone who helped to make this happen. We all have much to be excited about.”

Funding sources for University Station include $39.9 million in FHFC 9% Low-Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James, a permanent loan of $17.75 million provided by Bank of America, a $10.6 million State Apartment Incentive Loan (SAIL), a $1.5 million National Housing Trust Fund (NHTF) loan and a $600,000 Extremely Low Income (ELI) loan. Additionally, the property received $8.4 million in parking funds, a $6 million Broward Loan, a $2.4 million City Loan, and $100,000 in State Housing Initiatives Partnership (SHIP) funding from Broward County.

The development team includes Corwil Architects and contractor ANF Group Inc. HSQ Group will serve as the civil engineer, BNI Engineers will serve as the structural engineer, and RPJ Inc., Consulting Engineers will serve as the MEP engineer. Interior design will be done by B. Pila Design Studio, with landscape design by Witkin Hults + Partners. Kaller Architecture will serve as the interior designer for Barry University’s space within the development.