12 Nov CRA Board Accepts Ranking of RFP Committee for Future Development
On November 7, 2024, the Fort Lauderdale City Commission, acting as the Community Redevelopment Agency (CRA) Board of Commissioners, accepted the ranking of the Request for Proposals (RFP) Evaluation Committee for the purchase and development of CRA property located at 790 Sistrunk Blvd. The CRA Board also approved a $5 million Non-Forgivable Development Incentive Program (DIP) Loan to Sistrunk View, LLC, the top ranked proposer. The developers proposed project, called ” Sistrunk View” entails an attractive, modern design six-story building with a minimum of 75 to 106 apartments, over 10,000 square feet of amenity space, 5,700 square feet of commercial space, and structured parking.
The mixed-use building will be comprised entirely of affordable housing for persons with incomes between 30% and 80% AMI (Area Median Income) with 75% of the apartments as one bedroom, one bath units and 25% of the apartments as two bedroom, two bath units. The units will be affordable to office employees, medical workers, hospitality and other service industry workers, young families, and the elderly. The mixed income development, will provide housing to families with incomes from $20,160 to $76,800, and consist of :
12 units restricted to those with incomes at 30% AMI with rents from $595 to $713 per month
27 units restricted to those with incomes at 60% AMI with rents from $1,188 to $1,426 per month
37 units restricted to those with incomes between 70% to 80% AMI with rents from $1,386 to $1,728 per month.
In-unit amenities will include a modern open floor plan, contemporary kitchens, quartz/granite counter tops, energy efficient stainless steel appliances, high efficiency HVAC and eco-friendly shower heads and faucets, vinyl plank luxury flooring, balconies/private terraces and full size washer/dryer hook-ups. Common area amenities include a rooftop community room with catering kitchen for entertaining, state of the art fitness center with cardio equipment and free weights, resort style pool and lounge seating areas, outdoor dining and BBQ area, a fully loaded clubhouse with media and game room, computer access, co-working space, large rooftop greenspace/garden with play area, full coverage security camera system, motion sensor lighting, controlled access, and professional on-site management.
Along with providing affordable housing, the developer of Sistrunk View will also provide affordable commercial rents and contracting opportunities to minority and women-owned contractors and suppliers. Additionally, Sistrunk View’s local employment goal will be that 10% to 30% of all new hires be local workers and 10% of the contracts awarded for construction be local businesses. Hiring preferences will first go to residents of the CRA .This project will provide significant economic benefits to the CRA. Economic Benefits over the course of the loan is estimated to include $5,736,000 in property taxes and over $687,500 in permit, water, sewer connections and impact fees, and more than $30,000,000 in direct economic impacts from construction activities.
Sistrunk View LLC, is a partnership of Housing Trust Group, LLC along with Elite Equity Development Inc and Greg Brewton and Associates, with Housing Trust Group taking the project lead role in the development team.
For additional details visit ftlcity.info/4hDCAwA