PLANTATION, FLA. — MMG Equity Partners has received site plan approval and $6 million in tax-increment financing (TIF) incentives from the City of Plantation for the development of Residences at Plantation Square. The project will include luxury apartments, workforce apartments and a new Bank of America building, all located within Plantation Square, a 10-acre mixed-use development in the Broward County city of Plantation, about 8 miles west of Fort Lauderdale.
Residences at Plantation Square will include an eight-story residential building with 307 apartments and a six-story parking garage. Amenities include a clubhouse, coworking spaces, fitness center and a pool. As part of an agreement with the city, MMG Equity Partners will deliver 123 workforce housing units, 77 reserved for households earning up to 80 percent of the area median income (AMI) and 46 for those earning up to 120 percent AMI.
The TIF award provides a property tax rebate of up to $6 million over 19 years, designed to help offset construction costs and ensure the delivery of affordable housing despite elevated market conditions, according to MMG.
The development will replace an existing Bank of America building, which MMG acquired in 2022 for $3.5 million. A new 6,303-square-foot Bank of America branch will be constructed onsite.
The unit mix will be made up of 89 studios, 101 one-bedrooms, 103 two-bedrooms and 14 three-bedrooms. MSA Architects of Miami designed the community. MMG will break ground in summer 2026. A completion date was not disclosed.