23 Nov CRA Board Approves $3 Million Incentive for the Construction of a New Mixed-Use Building on Sistrunk Corridor
The building will also include a green roof/recreational sun terrace for residents and their guests. In addition, underground utilities, a drainage system and trash and recycle containers will be installed. The building will also adhere to other sustainable/green principles, such as a reduced parking footprint, charging kiosks for electrical vehicles, rainwater management, indoor water use reduction through low water consumption fixtures, renewable energy/green power and carbon offsets through integration of solar power, impact-resistant glazing and window wall systems, low emittance building materials, utilization of daylighting techniques in the retail and residential units, energy efficient HVAC equipment, programmable thermostats, dimmable switches, LED lighting, low consumption fixtures and various other energy reduction measures.
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. He is also the grandson of Helen Morris, who opened Helen’s Kindergarten and Nursery in 1953 and operated it for 42 years at 1223 NW Sistrunk Boulevard, until her passing at the age of 75. She was considered a Black Pioneer in Fort Lauderdale and especially in the Sistrunk community. The kindergarten was one of Broward County’s first day care centers for black children and provided much needed early childhood education for the community.
Mr. Wright’s goal in developing this building , is 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 the residential units to tenants whose income is not less than 80% and not greater than 120% of the Broward County Area Median Income (AMI), as established each year by the Department of Housing and Urban Development (HUD) for a minimum of ten (10) years.
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 total project cost is estimated at $7,116,825. In addition to the CRA funding, the developer will use bank financing of $3,276,825 and his own contribution in the amount of $840,000. The estimated completion date is 18 months from the beginning of construction. The project is currently in DRC review. Upon completion, the estimated market value will be $10,270,704, based on anticipated annual rents. The two-bedroom units are expected to rent for $1,600 per month and the one-bedroom units for $1,400 per month.
The 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.