Cornerstone Group is making waves in Pompano Beach with its latest affordable housing project. Thanks to a whopping $34.7 million in funding, Captiva Cove III Associates – a subsidiary of Cornerstone Group – has secured a 3.05-acre site at 740 S.W. 11th St. for their latest development.
And they’re not wasting any time, either. Hollywood-based Brookstone Construction has already filed notice with the county that they’ve begun work on the project, which will include 106 apartments spread across three buildings, plus a generous 163 parking spaces.
But let’s talk about that funding for a second. It’s an impressive mix of public and private financing, with a $21 million mortgage revenue bond from the Housing Finance Authority of Broward County leading the way. The Florida Housing Finance Corp. also chipped in a cool $8.08 million through a variety of programs, and Broward County awarded a $5.63 million loan to top it off.
So who will be able to snag one of these coveted apartments? According to the developer’s agreement with the city, they’ll be reserved for buyers making up to 60% of the area median income, which currently sits at $56,109 in Pompano Beach.
This isn’t Cornerstone Group’s first rodeo, either. The company already owns the neighboring Captiva Cove I and II developments, which include 264 units built in 2013 and 88 units constructed in 2017.
It’s no secret that affordable housing is in high demand in Broward County, where rising rent prices have left many residents struggling to make ends meet. But with projects like Captiva Cove III, there’s hope that more affordable options will become available – even if it means relying on public funding to make it happen.
