SKN | University Station Shows How Transit-Oriented Development Can Expand Affordable Housing in South Florida

University Station in Hollywood, Florida, has been recognized as the overall winner of Affordable Housing Finance’s 2026 Readers’ Choice Awards, but its significance extends beyond the award. The 2.5-acre project combines affordable housing, education, retail, parking, and planned transit infrastructure on a previously underutilized municipal site.

The development offers a case study in how land constraints and housing affordability pressures can be addressed through higher-density, mixed-use development rather than residential construction alone.

The Public Assumption

Affordable housing is often viewed primarily as a question of constructing more apartments at below-market rents. University Station takes a broader approach by connecting housing with transportation, education, employment, and community infrastructure.

The 216 apartments are income-restricted for households earning between 22% and 80% of area median income. The project also includes a 12,210-square-foot campus for Barry University’s College of Nursing and Health Services, 2,000 square feet of retail, and a 635-space parking garage serving residents and the public.

The underlying assumption is that affordable housing becomes more useful when residents can access jobs, education, services, and transportation without relying entirely on long-distance commuting.

The Economic Breakdown

University Station reached 100% occupancy almost immediately after completion in April 2025. More than 3,500 applications were submitted during the first weeks of leasing, indicating that demand substantially exceeded the number of available apartments.

That imbalance is particularly important in Broward County, where housing costs have placed pressure on workforce households. The project serves a broad resident base that includes workers, young families, seniors, and students.

The affordability restrictions are also designed to remain in place for 99 years. That period is substantially longer than the 50-year statutory affordability requirement referenced in the source, making the project’s housing component a long-term affordability mechanism rather than a temporary reduction in rents.

The development’s economic model required approximately $100 million in total financing. Rather than relying on a single source of capital, the project assembled nine funding sources, including federal low-income housing tax credits, five state loan programs, a Broward County gap loan, subordinate city debt, and parking infrastructure loans.

Bank of America participated as both the LIHTC investor and bond purchaser, while Raymond James Affordable Housing Investments syndicated the LIHTC equity. According to Housing Trust Group, the layered structure helped the project absorb construction-cost inflation without reducing the number of affordable units.

The Hidden Picture

The project’s success also demonstrates the complexity of producing affordable housing in expensive urban markets. The 216 apartments did not emerge simply because land was available. The project depended on municipal cooperation, multiple financing programs, specialized tax-credit capital, infrastructure investment, and the integration of several uses within a constrained urban site.

Transit infrastructure is another important variable. The parking garage was designed to support the planned Broward Commuter Rail South Station at the adjacent intersection. The project therefore anticipates a future transportation connection rather than relying solely on existing transit capacity.

That creates both an opportunity and a dependency. The economic value of transit-oriented development is partly determined by whether the transportation infrastructure ultimately materializes and functions at the level expected when the project is planned.

The physical design also reflects the land economics of South Florida. Two residential towers, connected by a pedestrian bridge, allow the development to increase density on just 2.5 acres while retaining ground-floor retail and pedestrian-oriented space.

Environmental features, including energy-efficient appliances, LED lighting, low-flow plumbing, efficient HVAC systems, and drought-tolerant landscaping, may also reduce operating resource consumption over time, although the source does not quantify the resulting savings.

Closing

University Station raises a larger question for South Florida: if more affordable housing is urgently needed, how many additional projects can replicate this model of municipal land, layered financing, education, transit infrastructure, and high-density construction—and at what public cost?