Housing Trust Group (HTG) has reached a major milestone with the financing secured and groundbreaking ceremony held for University Station, a transformative $100 million mixed-use development at 421 North 21st Avenue in Hollywood, Florida. This ambitious project represents HTG’s most substantial endeavor to date and embodies a fruitful collaboration between HTG and the City of Hollywood, forming an exemplary public-private partnership (P3). University Station will be a dynamic hub, offering an array of workforce and affordable housing options, retail spaces, and public and private parking. Additionally, it will serve as the new home for Barry University’s esteemed College of Nursing and Health Services. The partnership between HTG and the City of Hollywood was initiated through an unsolicited proposal under Florida’s P3 statute 255.065, highlighting the forward-thinking approach to development. Construction is well underway and on track for completion in Spring 2025, bringing this transformative project to fruition.
Situated on a 2.5-acre city-owned land adjacent to the future Broward Commuter Rail (BCR) South Station, University Station will consist of three buildings: two residential towers and a standalone parking garage with 635 spaces. The development will offer 216 apartments, over 2,000 square feet of commercial and retail space, and 12,210 square feet of educational space. The one-bedroom and two-bedroom floorplans will range from 621 to 899 square feet, totaling 108 units in each category. The apartments will be reserved for individuals and families across 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.
Matthew Rieger, President and CEO of HTG, expressed excitement about collaborating with the City of Hollywood, highlighting the creation of high-quality developments that address the pressing need for attainable housing in South Florida. The project aims to contribute to a walkable and transit-friendly downtown area while attracting reputable commercial tenants. Rieger emphasized the company’s commitment to developing inclusive communities that provide accessible housing options and essential resident services.
The University Station development will offer a range of amenities and facilities, including a state-of-the-art fitness center, a multipurpose room, a 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 to promote sustainability. Located in the heart of Hollywood’s historic downtown, residents will have convenient access to various restaurants, bars, and entertainment options.
Funding for University Station comes from various sources, including $39.9 million in FHFC 9% Low-Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James, a $17.75 million permanent loan from 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 project 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 University Station development team includes Corwil Architects, and contractor ANF Group Inc. HSQ Group will serve as the civil engineer, BNI Engineers as the structural engineer, and RPJ Inc., Consulting Engineers as the MEP engineer. Interior design will be handled by B. Pila Design Studio, with landscape design by Witkin Hults + Partners. Kaller Architecture will contribute to the interior design of Barry University’s space within the development.