Another casualty in the Broward County condo conversion industry falls by the wayside. According to the Sun Sentinel, a development group has abandoned its efforts to purchase Hawaiian Palms apartments in Lauderdale Lakes. They had intended to purchase the 245 unit complex and use state housing grants to sell them as condos starting at $139,900.
Unfortunately for them the city of Lauderdale Lakes has place a one year ban on condo conversions. The city needs affordable housing and wants to complete a housing study before reconsidering the ban. The development group decided it would be too costly to fight the city.
Other cities implementing tougher restrictions and considering a ban are Lauderhill and Pembroke Pines.
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