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The Florida Department of Transportation (FDOT) recently entered into a 99-year lease with Miami-based Station Side Village Associates L.L.C., which will develop an 18-acre transit village in Hollywood, along South Florida Regional Transportation Authority’s line.

To be built on a FDOT park-and-ride lot, the village will feature housing, retail stores, office buildings and a charter school, and help encourage the use of public transportation, according to a prepared statement.

The developer expects to invest more than $100 million in the project during a five-year period.