The loan, financed by Abanca Bank, is designated for the “Le Parc at Lauderhill” project, which will comprise 385 residential units. The development is located at 3831 Northwest 13th Street, east of Lauderhill Mall and North State Road 7.
The approximately 4-hectare site will feature three eight-storey buildings. A distinctive feature is a daycare centre, operated by a non-profit organisation, integrated into the ground floor. No further commercial spaces are planned. Construction began in March, with completion expected next year.
Project Development and Financing
The project has undergone several adjustments since its initial proposal in 2020. Originally planned as a workforce housing complex, with Bayshore Capital Grove of Vivian Dimond as a partner, these plans have changed. Akrisht Pandey, real estate manager at Krea USA, told Commercial Observer that the development will now have no rental restrictions. Krea USA has also acquired the stakes of Bayshore Capital Grove.
Despite the changes, a tax incentive of $9.1 million over a ten-year period, approved by the City of Lauderhill in 2022, remains in place. Rents are expected to range between 100 and 120 per cent of the area's median income. The developer is also committed to building a public road.
Krea USA and Other Projects
Krea USA, led by founder and CEO Mauricio Girault, specialises in mixed-income multifamily properties. The Miami-based company proposed building an affordable housing condominium in Miami’s Overtown district in January, on city-owned land, as reported by the South Florida Business Journal. A representative for Bayshore Capital Grove did not respond to requests for comment.
