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Prestige Companies, a Miami Lakes-based firm, is set to advance its workforce housing project in Davie after securing a $20 million construction loan.
Mint 12 Income 3, based in Boca Raton, provided the financing for Pioneer Lofts. This planned garden-style complex, located at 6325 Southwest 37th Street, will feature 105 apartments. The project, designed by Hialeah-based architect Albert Gonzalez, will comprise two three-story buildings on a 2.5-acre site.
In March, Prestige acquired an 0.8-acre plot for $3.1 million and an adjacent 1.7-acre site from the town of Davie for $10. The Davie Town Council had approved Prestige’s unsolicited bid to redevelop the 1.7-acre former wastewater site last year.
Under the development agreement, 80% of the apartments will be allocated to tenants earning up to 140% of Broward County’s median income. The remaining units will be reserved for tenants earning up to 120% of the median income. According to the U.S. Census Bureau, the median annual household income in Broward County was $64,522 in 2021.
Pioneer Lofts will offer a mix of one- and two-bedroom apartments. Additionally, the town council has agreed to cover half the environmental cleanup costs, up to $250,000.
Prestige, led by CEO Marty Caparros Jr., must start construction within 18 months of site plan approval and complete the project within three and a half years.
Prestige recently completed Atlantica at Dania Beach, a garden-style rental complex with six three-story buildings, 124 units, 237 parking spaces, a clubhouse, and a pool. Last month, Prestige sold Atlantica at Dania Beach to S2 Development for $36.7 million. S2 Development, led by principals J. Claudio Stivelman and Marc Schmulian, plans to convert the apartments into condominiums.
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By Proptechbuzz
By Ravi Kumar
