14 Dec CRA Board Approves $350,000 Incentive to Renovate Vacant Warehouse Space in Progresso Village
On December 2, 2020, the Fort Lauderdale City Commission, acting as the Community Redevelopment Agency (CRA) Board of Commissioners, approved $350,000 in CRA incentives to BH3 DJ Flagler LLC for the Fabrick Project, located at 801, 807, 815 and 819 NE 2nd Avenue in Progresso Village. The proposed project will entail the renovation of over 23,556 square foot of vacant warehouse storage space into a unique class A office and retail space .
The adaptive reuse project known as the Fabrick is strategically located along Progresso Drive and will visibly help define the character of the Progresso Village business community and activate the area. When completed, there will be a total of 12 business bays ranging from 1,053 to 3,117 square feet .The Fabrick will pair contemporary architectural treatments, exciting murals and lush landscaping to create a unique community business hub for the CRA’s growing population. It will be a complete makeover, both interior and exterior with new electric, plumbing, roof, lighting, windows, doors, polished concrete floors, finished restrooms, structural remediation, street and alley enhancements, landscaping and other improvements.
The developer plans to market the project to local businesses including those that may be currently running a small business out of their homes. Base rents will start at $22-$27 per square foot. Instead of delivering a typical gray box to tenants, the developer will be providing a fully finished white box with finished bathrooms, HVAC and lighting.
The Fabrick project will contribute significantly to the Progresso Village neighborhood, the existing space has been vacant for years and a blight on the neighborhood. Project completion is estimated to occur in the second quarter of 2021. Total capital investment is $7,582,519, with CRA funding representing less than 5% of the cost. Additional benefits to the community include an estimated creation of 49 jobs and the contribution of $25,000 to a scholarship fund for workforce training of CRA residents in conjunction with the CRA and Broward College.
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 Plan strategic objectives and goals 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.