15 Nov CRA Board Approves an Increase in Funding for the Renovation of Longtime Vacant Property
On November 7, 2023, the Fort Lauderdale City Commission, acting as the Community Redevelopment Agency (CRA) Board of Commissioners approved an increase in funding in the amount of $400,000 to V&R Family Enterprises, Corp. for the renovation of a longtime vacant property located at 1227 Sistrunk Boulevard. The total amount of CRA incentives awarded towards this project is $750,000.
The proposed renovations will include the modernization and build-out of the property into a mixed-use development. Once renovations are completed, the two-story building will include five modern one-bedroom/ one bath apartments with impact windows and doors, central air conditioning, tiled floors and an outdoor patio area. In addition, the ground floor will consist of a 1,449 square foot event space with new handicap-accessible restrooms, a warming kitchen and storage.
The developer and owner of the property is V&R Family Enterprises (Developer). V&R Family Enterprises, has a long-standing family and business presence in the Sistrunk neighborhood and is committed to sustainability by actively participating in the community and integrating sustainable business practices wherever possible.
The CRA offers incentive programs to bolster redevelopment in the Northwest-Progresso-Flagler Heights Community Redevelopment Area (NPF CRA).CRA incentives for this renovation project consist of a $400,000 forgivable loan from the Property and Business Improvement Program (PBIP), $225,000 from the PBIP program, and $125,000 from the Commercial Façade Improvement Program ( Previously awarded in 2019).
The NPF- CRA Community Redevelopment Plan is designed, in part, to stimulate private development of areas planned for commercial development. While new business and projects are important and represent new investment and confidence in the area, it is equally important for the CRA to invest in projects where local property owners are struggling to maintain their property and are willing to make an investment to participate in the redevelopment of the community, providing the CRA can assist them in these efforts.
This 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.
The total project cost is approximately $1,119,268.For more information about CRA incentives visit www.fortlauderdalecra.com.