14 Jun CRA Board Approves a $6 million Incentive for the1435 ArtXchange Mixed-Use Project
On June 4, 2024, the Fort Lauderdale City Commission, acting as the Community Redevelopment Agency (CRA) Board of Commissioners approved a CRA Development Incentive loan to Sirrom Commercial, Inc., for the 1435 Art Xchange mixed-use project to be located at 1429-1436 Sistrunk Boulevard. The project will replace a vacant commercial building located along the core of the Sistrunk corridor and create a critical mass and “epicenter” of new development next to the new L.A. Lee YMCA Mizell Community Center.
The six-story, mixed-use development will provide seventy-one (71) affordable rental housing units with commercial / community space and covered parking. The high quality, energy efficient housing units will be affordable to households earning less than 120% of the Area Median Income (AMI), with 4 units affordable to households earning less than 100% of AMI, and 4 units affordable to households making less than 80% of AMI. The unit breakdown consists of fifty-three (53) 1 bedroom – 1 bath units, fourteen (14) 2bedroom – 2 bath units, one (1) 1 bedroom – 1 bath live/work unit, one (1) 2 bedroom – 2 bath live/work units, and two (2) studio units. The units range from 499 square feet to 992 square feet and are projected to be priced from $1,440 per month.
Residential unit amenities and standard features include Energy Star appliances, including a stove, dishwasher, refrigerator and microwave, granite countertops, a garbage disposal, range hood, washer and dryer connections, internet and cable connections and vertical rolling shade window treatments. The building features include a fitness room, community room with kitchenette, a rooftop terrace, mailroom with large parcel lockers, free Wi-Fi in common areas, security cameras, electric vehicle charging stations, lush landscaping and other amenities and features. The development will also include 5,844 square feet of first floor retail space consisting of 5 rental bays, ranging from 902 to 1,544 square feet. Three (3) of the commercial bays (3,214 S.F.) are projected to be priced at $18 per square foot and two (2) of the commercial bays (2,630 S.F.) will be reserved to lease to the CRA or Invest Fort Lauderdale, it’s Economic Development Corporation, at a rental rate of $5 per square foot for a period of fifteen (15) years, that can be subleased to targeted small businesses at reduced rents or as an income stream for investment back into the community.
The 1435 Art Xchange project will also integrate art and area history into each retail/commercial establishment with a particular focus on the following uses: art galleries/studio spaces, restaurants, cafes and banking services; with the objective to attract locally owned businesses and promote the neighborhood’s rich cultural heritage. Located directly adjacent to the L.A. Lee YMCA Mizell Community Center , the developer, will construct a 3-story, 4-level parking garage with a total of 218 parking spaces. The garage will serve both the new mixed-use development and the YMCA, with 40 spaces dedicated to the YMCA, 86 spaces for residential tenants, 25 spaces for residential guest parking, 23 spaces for commercial tenants, and 44 remaining unallocated spaces provided as a community benefit. The parking structure will be constructed on the existing surface parking lot of the L.A. Lee YMCA Mizell Community Center that is directly behind the new proposed mixed-use development.
This project advances the City of Fort Lauderdale and CRA’s objectives to increase the supply of affordable housing in the City of Fort Lauderdale and the Northwest-Progresso-Flagler Heights Community Redevelopment Area. The project also advances the CRA’s objective to assist small businesses by increasing the supply of affordable rental space and offering opportunities for small and local businesses to locate within the CRA boundaries. In addition, this project builds on the strength of CRA’s most successful project, the L.A. Lee YMCA Mizell Community Center, by bringing both a housing element, parking component, and an additional retail component adjacent to this key project, across from Provident Park, creating a critical mass and “epicenter” of new development at this location along the core of the Sistrunk Corridor.
The 1435 Art Xchange project development team is led by Sirrom Commercial, Inc. James Morris heads up Sirrom Commercial, Inc. and is a successful minority entrepreneur. The development team also includes Architect Zamarr Brown, Design 2 Form Architects, Attorneys Michael Marshall and Nelson Mullins, Financial Advisor Alona Naylor, and Art and History Advisor George Gadson. The project is estimated to be completed by December 2025.
The project will replace a vacant commercial building located along the core of the Sistrunk corridor.
Consistency with NPF CRA Community Redevelopment Plan
The NPF CRA Community Redevelopment Plan promotes programs and projects that will have a positive impact on neighborhood residents and low and moderate income households within the NPF CRA. The Redevelopment Program will assist in providing incentives as inducements to stimulate development to upgrade and replace incompatible land uses and blighting conditions affecting the area, and the Redevelopment Plan will help preserve and expand the supply of affordable housing and provide improvements to enhance the overall environment, improve the quality of life and attract sound business and commercial development that provide employment and job opportunities.
A major component of the redevelopment strategy for the NPF CRA is the revitalization of the residential neighborhoods. The Redevelopment Program seeks to preserve and expand affordable housing in the entire redevelopment area. Per the CRA plan, the CRA will establish incentive programs to address redevelopment obstacles. The CRA Program 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, 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.
For more information about the NPF CRA, visit www.fortlauderdalecra.com.