08 Nov CRA Board Approves $10 Million Incentive for the Arcadian Project
On November 7, 2023, the Fort Lauderdale City Commission, acting as the Community Redevelopment Agency (CRA) Board of Commissioners approved a $10 million incentive to Sunshine Shipyard, LLC for the Arcadian Project, located at 640 NW 7th Avenue. The Arcadian is a new mixed-use development currently under construction at the northeast corner of Sistrunk Blvd and Avenue of the Arts (NW 7th Avenue). The project will consist of two eight -story buildings with 480 residential units, 5,235 square feet of ground floor commercial space and a parking garage with 606 spaces. Of the 480 units, 48 will be set aside for affordable housing for residents with incomes less or equal to 100% of the Broward County median family income .
The residential units set aside as affordable will include 10 studio units renting for approximately $1,680/month, 28 one bedroom-one bath units renting for approximately $1,856/month, and 10 two bedroom-two bath units renting for approximately $2,089/month. The average monthly rent for the market rate units will be approximately $2,016 for a studio apartment, $2,160 for a one bedroom-one bath apartment, and $2,592 for a two bedroom-two bath apartment. In addition, all of the apartments will include Energy Star stainless steel appliances, upscale obsidian floor tile, stone composition countertops and a balcony. Other amenities include a swimming pool in each building , a central atrium , bicycle racks, a fitness center, playground, club rooms, kid’s room, business center, mail/package room, lounge area, pet park and a pedestrian paseo.
The Developer of the Arcadian is Sunshine Shipyard LLC, an affiliated company of Fuse Group Investment Companies, led by founder and CEO Eyal Peretz. Fuse Group has been investing in the CRA and specifically the Sistrunk area for the last six years, with a mission of making the Sistrunk District a vibrant epicenter full of life and occupied by businesses, retail, lifestyle and entertainment to serve and empower the community. Fuse Group (Fuse 9, LLC) has partnered with Boca Paila, LLC on this project. Boca Paila is led by Mauricio Girault, founder and CEO of Grupo Krea, a leading developer of affordable and workforce housing.
The CRA offers incentive programs to bolster redevelopment in the Northwest-Progresso-Flagler Heights Community Redevelopment Area (NPF CRA).CRA incentives for the Arcadian Project consist of an $8,000,000 Development Incentive Program (DIP) forgivable loan, and a $2,000,000 DIP loan. As an additional community benefit of the project, the DIP loan payments will be assigned to Invest Fort Lauderdale for reinvestment back into the CRA area.
Additional community benefits from the project include approximately 1,670 jobs, including 68 permanent jobs for retail employees, 1,460 direct and indirect jobs from construction activity, and 142 jobs from resident spending, and an estimated $154 million in economic activity from construction, retail and resident spending. In addition,2,500 square feet of commercial space in the project will be reserved for the CRA (or Invest Fort Lauderdale, it’s Economic Development Corporation (EDC).
The total estimated project Development Budget for the Arcadian is $153,384,269. The project is estimated to generate up to $31 million in real estate taxes over the next 15 years. For more information about CRA incentives visit www.fortlauderdalecra.com.