23 Jan CRA Board Approves $12 Million Incentive for West Village Project
On January 21, 2020, the Fort Lauderdale Community Redevelopment Agency (CRA) Board of Commissioners approved $12 million in CRA Development Incentive Program loans for West Village, a mixed –use project located in Fort Lauderdale’s Northwest neighborhood.
West Village will be located at 501 NW 7th Avenue between NW 7th Avenue, NW 5th Street, NW 7th Terrace, and Sistrunk Boulevard. The mixed-use development will comprise of two six-story residential structures containing a total of 455 multi-family rental units, consisting of apartments and townhomes and 17,752 square feet of leasable commercial space. The project will also have a six-story, 498-space parking structure. Total building square footage including structured parking is approximately 605,508 square feet. The housing units range from a total of 454 square feet for a studio to 1,754 square feet for the largest townhouse. Additionally, 10 Percent of the units (45) will be set aside for affordable housing to families with incomes that do not exceed 100% of the Area Median Income (AMI).
In addition to the $12 million incentive, the CRA Board of Commissioners also approved the purchase of two CRA owned properties located at 714 Sistrunk Boulevard and 526 NW 7th Terrace. These two CRA-owned parcels are critical and essential to the overall site plan and will complete the assemblage needed for the block – wide project. The CRA Board also approved a lease of commercial space in the West Village Project to the CRA.
The West Village Project is estimated to represent a total capital investment of $103.7 million. The developer, under the name of West Village LLC, estimates that construction will begin in the third quarter of 2020 and be completed by 2024. At the request of the CRA, West Village LLC, proposes to rename the West Village project“The Adderley”, in honor of the famous late, great, jazz artist, Cannonball Adderley, who came from the Northwest community and also taught music and was a band instructor at Dillard High School in the 1940s and 1950s. This will be a catalyst project for the Sistrunk corridor and the Northwest neighborhood.
Consistency with the NPF CRA Community Redevelopment Plan
The NPF CRA Community Redevelopment Plan is designed, in part, to stimulate private development of areas planned for commercial development. The project is consistent with the NPF CRA Community Redevelopment Plan which provides for direct physical improvements to enhance the overall environment, improve the quality of life and attract sound business and commercial development that provide employment and job opportunities.
Per the CRA plan, the CRA will establish incentive programs to address redevelopment obstacles. The CRA Five-Year Program, which is incorporated as part of the 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. 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. In addition, per the Future Land Use Plan and CRA Plan, redevelopment and housing opportunities for low, very low- and moderate-income households within the Northwest RAC should be encouraged.