07 Dec CRA Board Approves Funding Increase for Mixed-Use Development on Historic Sistrunk Blvd
On December 6, 2022, the Fort Lauderdale City Commission, acting as the Community Redevelopment Agency (CRA) Board of Commissioners approved a funding increase to Wright Dynasty, LLC for the construction of a new mixed-use development that will provide affordable workforce housing on historic Sistrunk Blvd. The funding increase, from $3 million to $3.5 million is being provided in the form of a forgivable loan from the CRA’s Development Incentive Program to assist the developer with building expenses. The proposed project is a six-story building, located at 1217-1223 Sistrunk Blvd and will include 5 commercial units on the ground floor , two floors of covered parking and 24 residential rental units.
Each residential unit will include an oversized balcony or terrace, energy efficient appliances and range in size from 606 to 696 square feet for a one-bedroom/ one bath unit to 1,070 square feet for a two-bedroom/ two bath unit. Additional amenities include an active rooftop and two community rooms for residents and their guests. The construction of this new mixed-used development is in tandem with the City’s efforts to revitalize the Sistrunk Corridor by redeveloping vacant lots and blighted properties in order to meet the current and future needs of the community, while at the same time preserving the area’s historical character.
The developer of the project is Wright Dynasty, LLC, a single purpose entity created by Dennis Wright. Mr. Wright is a lifelong member of the Sistrunk community. Mr. Wright’s goal in developing this building is to ensure that the the legacy of African American families and pioneers, such as Ms. Helen Morris of Helen’s Nursery and Kindergarten and Mr. Willie Walker of Walker Grocery Store are recognized throughout the revitalization of Northwest Fort Lauderdale specifically the Sistrunk corridor. He also wants to attract young professionals and entrepreneurs to the area and to provide them with affordable workforce housing and commercial spaces. The developer has also committed to rent three of the residential units to low-income tenants. Once built, the development is expected to create numerous long-term jobs managing the operations of the apartments, in addition to those generated by the various retail/office tenants.
Total CRA funding awarded for this project is $3,5000,000 from the CRA’s Development Incentive Program (DIP). DIP is a forgivable loan provided to support projects with an investment of $5,000,000 or more and that create a significant economic engine or destination project in the CRA area. In addition to CRA funding, the developer has obtained additional funding from lending institutions to close the funding gap for the total project cost .The total project cost is estimated at $12,820,000. The projected completion date for this project is March of 2024.
This project is consistent with the Northwest-Progresso-Flagler Heights Community Redevelopment Area (NPF CRA) Community Redevelopment Plan, which identifies the Sistrunk corridor as a focus area to be revitalized and redeveloped. This area of the City has the potential to serve as a major source of investment and employment for the surrounding community. The CRA Plan identifies strategic objectives, goals and measurements that include targeting and attracting businesses, retail uses and industries to establish a presence in the redevelopment area and create jobs for area residents. In addition, it calls for investing in development projects that create job opportunities for area residents, promote public private partnerships and investment in the redevelopment area.
For more information on CRA incentives, visit www.fortlauderdalecra.com.