Affiliated Development has secured a $74 million construction loan and begun work on The Cove, a $123 million mixed-income apartment community in Fort Lauderdale, Florida. The eight-story, 376-unit project will replace the former Link Hotel and dedicate more than half its residences to households earning up to 120 percent of area median income.
Key takeaways
The Cove is positioned as a major workforce-housing development supported by Florida’s Live Local Act and local tax incentives. Key details include:
- Pacific Life Insurance Co. provided the $74 million loan.
- The 1.8-acre project will include 376 apartments and structured parking.
- Affiliated plans to reserve 207 units, or 55 percent of the total, for income-qualified households.
- Completion is expected to expand housing near downtown Fort Lauderdale and the beach district.
Financing and construction
Pacific Life originated the financing for The Cove, while Moss Construction is serving as general contractor. The project marks the eighth collaboration between Moss and Affiliated. Rinka is the architect of record.
Affiliated is also financing the development through its Affiliated Housing Impact Fund, a vehicle focused on housing projects with an affordability component. The total development cost is estimated at $123 million.
Tax incentives support development
The Cove benefits from property-tax incentives approved before construction began. Fort Lauderdale approved a 15-year, 100 percent property-tax rebate in late 2024, capped at $8.8 million. Broward County followed in January 2025 with a 30-year, 50 percent rebate capped at $5.5 million.
The project represents Affiliated’s third partnership with both the city and the county. These incentives are intended to help make a workforce-oriented project financially feasible in a high-cost coastal market.
Location and housing mix
The Cove will rise at 1055 N. Federal Highway on a 1.8-acre site where the demolished Link Hotel once stood. The property is near downtown Fort Lauderdale and the city’s beach district, while Fort Lauderdale-Hollywood International Airport is approximately six miles away.
Of the 376 residences, 207 will be reserved for households earning at or below 120 percent of the area median income. That share exceeds the 40 percent affordability threshold required for projects using the Live Local Act’s incentives. The development will also feature structured parking.
Florida’s Live Local Act pipeline
The Cove is part of a growing statewide development pipeline created by Florida’s Live Local Act. According to the Florida Housing Coalition’s dashboard, 24 projects were under construction and another 234 were proposed under the legislation at the time of the report.
Miami-Dade County accounted for about 35.5 percent of the pipeline, followed by Hillsborough County at roughly 16 percent and Broward County at 9 percent. Other notable projects include Miami’s proposed $880 million, 4,032-unit HueHub and a 231-unit development in Sarasota by Milhaus, described as the first Live Local Act project in that county.