06 Jul CRA Board Approves Resolution to Increase Funding For the Gallery At FatVillage Project
On June 6, 2023, the Fort Lauderdale City Commission, acting as the Community Redevelopment Agency (CRA) Board of Commissioners approved a resolution to increase CRA Development Incentive Program loan funding from $1,500,000 to $1,900,000 to Related FATVillage, LLC for the Gallery at FAT Village Project.
The Gallery at FAT Village Project is located in Fort Lauderdale’s Flagler Village neighborhood at 600 Andrews Avenue. The project will consist of a 16-story mixed-use and mixed-income development with 263 multi-family residential units and 2,394 square feet of ground floor retail. Of the 263 residential units, 53 units will be leased at 50% of the area median income (AMI) and 97 units will be leased at 120% AMI with the remainder (113 units) leased at market rates. It should be noted this is a change from the previously approved plan, resulting in an overall increase in unit count, however the number of rent and income restricted units remains the same at 150 with affordability restrictions for a period of 75 years. The amended plan was approved unanimously by the City Commission on April 18, 2023 (CAM 23-0347).
The Gallery at Fat Village Project is being developed by The Related Group, one of the country’s premier multi-family real estate development firms established in 1979 by Jorge Perez. Related FATVillage, LLC is an affiliate of The Related Group. The venture also includes a non-profit partner that is an affiliate of the founders of the FATVillage Arts District, co-founded in 1999 by Doug McCraw and Lutz Hofbauer.