Prestige Companies can move ahead with a workforce housing project in Davie after landing a $20 million construction loan.
A Boca Raton-based entity, Mint 12 Income 3, provided the financing for Pioneer Lofts, a planned garden-style complex with 105 apartments at 6325 Southwest 37th Street, records show. Designed by Hialeah-based architect Albert Gonzalez, Pioneer Lofts would consist of two three-story buildings on the 2.5-acre site.
In March, Prestige paid $3.1 million for an 0.8-acre slice and obtained an adjacent 1.7 acres from the town of Davie for $10, records show. Last year, the Davie Town Council approved an unsolicited bid from Prestige to redevelop the 1.7 acres, which was a former wastewater site.
Under the agreement, Prestige will set aside 80 percent of the apartments for tenants making up to 140 percent of the median income in Broward County. The remaining units will be reserved for tenants with up to 120 percent of median income. The median annual household income in Broward County was $64,522 in 2021, according to the U.S. Census Bureau.
Pioneer Lofts will be a mix of one- and two-bedroom apartments.
The town council also voted to pay for half the cost of an environmental cleanup of the site, up to a maximum of $250,000.
Prestige, led by CEO Marty Caparros Jr., is required to commence construction within 18 months of obtaining approval for a recently submitted site plan and complete Pioneer Lofts within three-and-a-half years of the site plan approval.
Prestige recently completed Atlantica at Dania Beach, a garden-style rental complex consisting of six three-story apartment buildings with 124 units, 237 parking spaces, a clubhouse and a pool. Last month, Prestige sold Atlantica at Dania Beach to Aventura-based S2 Development for $36.7 million. S2, led by principals J. Claudio Stivelman and Marc Schmulian, is converting the apartments into condominiums for sale.