Pacific Life just bet $74 million that workforce housing can pencil in Fort Lauderdale. The result is 376 apartments replacing a demolished hotel, with 55% of units reserved for teachers, nurses, and first responders.
- The Cove is an eight-story, 376-unit building at the corner of Sunrise Boulevard and Federal Highway in Fort Lauderdale.
- Pacific Life Insurance Company provided a $74 million construction loan, the second major Affiliated project the insurer has financed.
- 207 units (55%) are reserved for households earning up to 120% of area median income, exceeding the Live Local Act's 40% minimum.
The Cove is a strong example of how Live Local, city partnerships, and experienced workforce housing developers can turn a troubled site into needed housing. Affiliated Development is using a repeatable playbook, and Fort Lauderdale gets 376 new units with more than half reserved for workforce housing. According to South Florida Business Journal, the financing is being framed as a sign that lending for Live Local projects is thawing after a tight stretch. In a market short tens of thousands of units, projects like this do not solve the whole problem, but they are exactly the kind of infill redevelopment South Florida needs.
What is The Cove?
The Cove is an eight-story, 376-unit apartment building at 1055 North Federal Highway, on the northwest corner of Sunrise Boulevard and Federal Highway in Fort Lauderdale. Moss Construction is the general contractor (its eighth project for Affiliated Development), and Rinka is the architect. Construction is underway.
The site previously held a former hotel (the Clarion Inn, later rebranded as The Link) built in 1981. According to the Sun Sentinel, the developer described the former property as an eyesore with criminal activity. It was recently demolished after four months of teardown work.
Workforce rents are set to start around $1,900 for one-bedrooms, $2,800 for two-bedrooms, and $3,200 for three-bedrooms. They are trying to offer as much affordability as possible by stacking Live Local with a city and county partnership. That is the kind of structure you need if you are going to make workforce housing work in South Florida.
How does the financing work?
Pacific Life Insurance Company provided the $74 million construction loan. The equity comes from Affiliated's Housing Impact Fund and family-office partners. Pacific Life has now financed two major Affiliated projects: The Cove in Fort Lauderdale ($74 million) and The Dune in Boynton Beach ($73 million).
Affiliated Development is raising a $250 million fund specifically to build mixed-income apartments across Florida. That capital backbone is behind all these projects. Co-founders Jeff Burns (CEO) and Nick Rojo are focused on mixed-income and workforce housing, often in partnership with local governments. The Cove is their third project alongside the City of Fort Lauderdale and Broward County.
The financing matters beyond this one project. Lending for Live Local developments tightened over the past two years as interest rates rose and some lenders backed away from affordable housing deals. A $74 million construction loan from an institutional lender like Pacific Life signals that capital is returning to this sector.
Looking for workforce housing options in Fort Lauderdale? Talk to a real estate agent in Fort Lauderdale who tracks Live Local projects and rental availability. Reach out to The Mastropieri Group or call (954) 833-1468.
What makes this a Live Local project?
The Live Local Act requires developers to set aside at least 40% of units as affordable or workforce housing to qualify for zoning preemptions and streamlined approvals. The Cove goes further, with 55% of units (207 homes) restricted to households earning up to 120% of area median income (approximately $97,600 in Broward County).
That income threshold puts workforce housing within reach of teachers, nurses, firefighters, and other essential workers who earn steady salaries but cannot afford market-rate rents in coastal Broward County. The rents are not cheap by national standards, but they are $400 to $700 below comparable market-rate units in the area.
Affiliated is also stacking Live Local with direct city and county support. That layered structure allows them to push affordability higher than the state minimum while still making the project financially viable for lenders and investors.
How does The Cove compare to other Affiliated projects?
The Cove is one project in a repeatable Affiliated playbook: workforce rentals across South Florida using Live Local, local partnerships, and institutional financing. Here is how their current pipeline looks:
The Cove (Fort Lauderdale): 376 units, 55% workforce, under construction. Pacific Life provided the $74 million loan.
The Era (Fort Lauderdale): 400 units, approximately 53% workforce, under construction at 2125 S. Andrews Avenue. Expected completion in 2027.
The Dune (Boynton Beach): 336 units, 59% workforce, under construction. Pacific Life provided a $73 million loan.
The Jax (Hollywood): 394 units, approximately 50% affordable, in planning. The developer is seeking $6 million in city incentives.
The Bohemian (Lake Worth Beach): 200 units, 22% workforce, completed in 2023.
As Larry Mastropieri explained on the Discover South Florida Podcast: "In South Florida, especially from Tampa and West Palm south, you are building concrete block for starters. You have hurricane codes, different materials, different labor costs, and a different knowledge base required. That makes construction here a very different game."
Developers who can execute repeatedly, like Affiliated, become valuable partners for cities trying to add housing inventory.
Watch the Full Discussion: This Segment | Full Episode | Last Week's Recap
Frequently Asked Questions about Workforce Housing in Fort Lauderdale
What is workforce housing in Florida?
Workforce housing serves households earning too much to qualify for traditional affordable housing but too little to afford market-rate rents. In Florida, this typically means households earning between 80% and 120% of area median income. For Broward County in 2026, the 120% AMI threshold is approximately $97,600 for a single-person household. Workforce housing targets teachers, nurses, firefighters, and other essential workers.
What are the income limits for The Cove in Fort Lauderdale?
The Cove's 207 workforce units are restricted to households earning up to 120% of Broward County's area median income, approximately $97,600. Rents are set to start around $1,900 for one-bedrooms, $2,800 for two-bedrooms, and $3,200 for three-bedrooms. The remaining 169 units will be market-rate.
What is the Live Local Act?
The Live Local Act is a Florida state law passed in 2023 that gives developers zoning preemptions and streamlined approvals if they set aside at least 40% of units as affordable or workforce housing. Qualifying projects can build taller and denser than local zoning would normally allow. The Cove exceeds the minimum, with 55% of units income-restricted.
Who is Affiliated Development?
Affiliated Development is a Fort Lauderdale-based firm founded by Jeff Burns (CEO) and Nick Rojo. The company focuses on mixed-income and workforce housing, often in partnership with local governments. Affiliated is raising a $250 million fund to build mixed-income apartments across Florida. The Cove is their third project in partnership with the City of Fort Lauderdale and Broward County.
When will The Cove be completed?
Construction on The Cove is underway following groundbreaking in July 2026. Based on comparable Affiliated projects like The Era (expected 2027 completion), The Cove will likely deliver in late 2027 or 2028. Leasing timelines have not been announced.
Local help for buyers and investors in Fort Lauderdale
If you are buying, selling, or investing in Fort Lauderdale, understanding how workforce housing and Live Local projects affect the rental market matters. Reach out to The Mastropieri Group, Realtors®.
For practical, hands-on support across Broward County, call (954) 833-1468.
Posted by Larry Mastropieri
Enjoy this blog post? Click here to subscribe for updates
Leave A Comment