How University Station Turned Public Land Into 216 Affordable Homes

A former municipal site in downtown Hollywood, Florida, now contains 216 income-restricted apartments, a university nursing campus, retail space and parking infrastructure designed to support a future commuter-rail station.

University Station demonstrates how public land and multiple financing sources can be combined to create affordable housing near employment, education and transportation.

The $100 million development was completed in April 2025 and reached full occupancy almost immediately. More than 3,500 applications were submitted during the first weeks of leasing, illustrating the depth of demand for income-restricted housing in Broward County.

The development has since been selected as the overall winner of Affordable Housing Finance’s 2026 Readers’ Choice Awards. It also received the top award in the mixed-use category.

The award provides a reason to examine the development more closely, but the larger story is the project’s structure and the long-term affordability commitment attached to its 216 homes.

Every Apartment Is Income Restricted

University Station includes 108 one-bedroom apartments and 108 two-bedroom apartments.

The homes serve households earning between 22 percent and 80 percent of the area median income. The development therefore accommodates a range of residents, including extremely low-income households and workers who earn too much for deeply targeted housing but cannot afford unrestricted South Florida rents.

All 216 apartments are income restricted.

The affordability restrictions will remain in place for 99 years, nearly twice Florida’s standard 50-year affordability period cited by the development team.

That extended term prevents the public investment from producing only a temporary affordability benefit. The restrictions are intended to protect the apartments from conversion to unrestricted rents for nearly a century.

More Than 3,500 Applications Arrived Within Weeks

University Station reached 100 percent occupancy shortly after completion.

According to the developer, more than 3,500 applications were received during the opening weeks of leasing.

That means the project received more than 16 initial applications for every apartment, although each application does not necessarily represent a separate qualified household.

The response demonstrates that adding 216 apartments, while significant, does not resolve the larger shortage of affordable housing in Broward County.

It also shows the advantage of placing income-restricted apartments in a central location connected to employment, education, retail and planned transportation.

Public Land Supported a Denser Development

University Station occupies approximately 2.5 acres of city-owned land in downtown Hollywood.

The property was previously underused despite its location near the Dixie Highway corridor and an existing rail line connecting communities throughout South Florida.

Housing Trust Group developed the project through a public-private partnership with the city of Hollywood.

The completed development includes two residential towers connected by an elevated pedestrian bridge. A separate parking structure provides 635 spaces for residents and the public.

Instead of using the property for a single municipal function or a low-density development, the project vertically combines housing, education, retail and public infrastructure.

This allowed the city and development team to produce multiple community benefits from a relatively small urban site.

The Project Includes a Nursing Campus

A 12,210-square-foot campus for Barry University’s College of Nursing and Health Services anchors the nonresidential portion of University Station.

The Hollywood location gives nursing and health-science students access to instructional space within the same mixed-use complex as the affordable housing.

The education component also connects the development with South Florida’s healthcare workforce pipeline.

Some residents may attend Barry University or work in nearby healthcare and service positions, although residency is not limited to university students or employees.

The project also includes approximately 2,000 square feet of ground-floor retail and commercial space.

Parking Was Designed for Future Transit

The 635-space garage serves both the development and the public.

Its capacity was planned partly to support a proposed Broward Commuter Rail South station near the property.

University Station is therefore transit-oriented in two ways. It places housing near an existing rail corridor, and it incorporates infrastructure intended to support a future passenger station.

The rail station is planned rather than currently operational. The development’s success should not be described as dependent on existing commuter-rail service that has not yet opened.

Even before that station is completed, residents have access to downtown Hollywood, the Dixie Highway corridor and nearby services.

Nine Funding Sources Closed the Gap

Developing University Station required a complicated capital stack assembled during a period of significant construction-cost inflation.

Affordable Housing Finance reports that the project used nine funding sources involving federal low-income housing tax credits, multiple state housing programs, county assistance, city subordinate debt and parking infrastructure financing.

Bank of America served as the tax-credit investor and bond purchaser, helping coordinate major portions of the construction financing.

Raymond James Affordable Housing Investments syndicated the low-income housing tax credit equity.

Other public partners included the Florida Housing Finance Corporation, Broward County and the city of Hollywood.

Earlier project reports identified assistance from programs including the State Apartment Incentive Loan program, the National Housing Trust Fund, Extremely Low Income funding, the State Housing Initiatives Partnership program and local gap financing.

The number of sources illustrates a continuing difficulty in affordable housing development. Even a well-located project on publicly owned land may require numerous loans, tax credits and subordinate funding commitments to become financially feasible.

The Development Preserved Its Unit Count

The development team assembled and adjusted the financing while construction costs were volatile.

According to Housing Trust Group, the capital structure allowed the project to absorb inflation without reducing the number of affordable apartments or weakening its affordability targets.

That outcome is important because cost increases commonly place pressure on developers to reduce unit counts, eliminate amenities or serve higher-income households.

University Station retained 216 apartments serving households across six income categories.

The development also preserved the education space, retail component, garage and sustainability features included in the broader project plan.

Sustainability Measures Target Operating Costs

University Station earned silver-level certification under the National Green Building Standard.

The development includes:

• Energy-efficient appliances;

• LED lighting;

• High-efficiency heating and cooling systems;

• Low-flow plumbing fixtures;

• Native and drought-tolerant landscaping;

• Design features supporting natural light; and

• Window placement intended to improve cross-ventilation.

These measures can reduce energy and water consumption, although actual savings will depend on building operations and resident use.

For affordable housing, operating efficiency has consequences beyond environmental performance. Lower utility and maintenance costs can support the property’s long-term financial stability and reduce household expenses when residents are responsible for utilities.

Amenities Were Included With Affordable Housing

Residents have access to a fitness center, swimming pool, game room and multipurpose room with a catering kitchen and bar.

Elevated pedestrian bridges connect the residential buildings with each other and the parking structure.

The project’s amenities and modern design challenge the assumption that deeply income-restricted housing must be separated from the features offered in newly constructed market-rate communities.

At the same time, the most significant resident benefit remains the long-term rent restriction in a high-cost housing market.

What Other Cities Can Learn

University Station offers several lessons for local governments and affordable-housing developers.

First, public land can contribute more than a discounted acquisition price. A strategically located municipal site can support housing, public parking, education, retail and future transit in one development.

Second, local governments can establish affordability periods that exceed the minimum term associated with a particular funding source.

Third, structured parking and nonresidential uses can make dense affordable housing possible on small urban parcels, but they also add costs and require specialized financing.

Fourth, transit-oriented development should be planned around both present conditions and credible future infrastructure. Project descriptions must remain clear about which transportation services are already operating and which are still proposed.

Finally, the project shows why affordable developments often require multiple public and private partners. Coordinating nine funding sources is difficult, but it enabled the team to preserve the unit count and affordability commitments during a period of rising costs.

The Bottom Line

University Station transformed approximately 2.5 acres of city-owned land in downtown Hollywood into 216 income-restricted apartments, a nursing campus, retail space and a 635-space garage.

The apartments serve households earning between 22 percent and 80 percent of area median income and will remain affordable for 99 years.

More than 3,500 applications arrived during the first weeks of leasing, and the property reached full occupancy shortly after completion.

The development required nine funding sources and a broad public-private partnership involving Housing Trust Group, the city of Hollywood, Broward County, Florida Housing Finance Corporation, Bank of America and Raymond James.

Its significance extends beyond an industry award. University Station provides a working example of how cities can use public land to connect affordable housing with education, employment and future transportation infrastructure.