07 Nov CRA Board Approves 1.5 Million CRA Incentive for The Gallery at FATVillage
On November 1 , 2022, the Fort Lauderdale City Commission, acting as the Community Redevelopment Agency (CRA) Board of Commissioners approved a Development Incentive Program Loan to Related FATVillage, LLC in the amount of $1,500,000 for the Gallery at FAT Village.
The Gallery at FAT Village is a new construction, mixed- use, mixed-income, rental housing development located in Fort Lauderdale’s Flagler Village neighborhood at 600 Andrews Avenue. The project will feature a 12- story tower with 195 residential rental units, 2,500 square feet of retail space, and a 4-level parking garage with 226 parking spaces. Amenities such as a gym, resort style pool, sun tanning deck, gathering room, and leasing office are also included. Units will also have stainless steel appliances, expansive kitchens, balconies, chrome plumbing fixtures, and high-speed internet.
The mixed-income development will bring much needed affordable and workforce housing to the City of Fort Lauderdale and the Northwest-Progresso-Flagler Heights Community Redevelopment Area. One hundred fifty (150) rental units will be rent and income restricted , consisting of thirty-nine (39) units leased at 50% of the Area Median Income (AMI), one hundred eleven (111) units leased at 120% AMI, and forty-five (45) units leased at market rate. In addition to providing affordable and workforce housing, the project will also provide approximately one hundred (100) construction jobs and eleven (11) permanent jobs will be created.
The total project cost of Gallery at FAT Village is approximately $66.8 million. The $1.5 million CRA Development Incentive loan represents 2.2% of the total project cost. The developer has also received a $1 million loan from the City of Fort Lauderdale and up to $2.5 million in loans from Broward County. The project is estimated to start construction in November 2022 and be completed by August 2024. Gallery at Fat Village is being developed by the Related Group, and includes a non-profit partner that is an affiliate of the founders of the FATVillage Arts District.