12 Jan CRA Board Approves Resolution to Increase Funding for Thrive Progresso Project
On January 10, 2023, the Fort Lauderdale City Commission, acting as the Community Redevelopment Agency (CRA) Board of Commissioners approved an additional $1 million in Development Incentive Program (DIP) funding to Thrive Development Group, LLC for the development of the Thrive Progresso project.
Thrive Progresso is located in the industrial portion of Fort Lauderdale’s Progresso Village neighborhood, fronting both sides of NW 5th Avenue between NW 7th Street and NW 8th Street. The project, which is currently under construction, has been described as the new Wynwood in Fort Lauderdale turning undesirable uses and urban blight into a mixed use business, culture and entertainment destination. Prior to the renovations, the buildings were occupied by auto repair garages, paint and body shops, rag shops and other uses that had a negative impact and contributed significantly to the slum and blighting conditions in the area.
Thrive Progresso is anticipated to have a long-term positive affect on the area, increase property values, offer new business opportunities and improve safety. In addition, 25 percent of the leasable space is being offered at a below market base rent of $18.00 per square foot to remain more affordable to small businesses as a community benefit of the project. Its mission statement is to “reposition an under-utilized industrial area into a vibrant urban business district that will serve the local community and bring new energy to the surrounding residential neighborhood.” The massive project has already begun to attract a wide variety of users from restaurants and breweries to artist and craftsmen seeking workspace and galleries. When completed, Thrive Progresso will also include a large outdoor space for socializing, art, entertainment, and special events. Additionally, Thrive Progress is estimated to house between forty to sixty new tenants, resulting in the creation of a wide variety of job opportunities.
Renovation of the buildings at Thrive Progresso are approximately 85 percent complete and the streetscape improvements are approximately 75 percent complete. Tenants are projected to start moving into Thrive Progresso by the beginning of February 2023. The buildings on the east side of NW 5th Avenue should be receiving their certificate of occupancy by mid-March 2023 and the remaining buildings by May 2023.
The CRA Board previously approved a $2,500,000 DIP and a $340,375.87 CRA Streetscape Enhancement Program forgivable loan on July 9,2019. Funding was increased by $150,000 on February 15, 2022, to offset some of the increased expenses to upgrade over 1000 linear feet of public right-of-way adjacent to the project along NW 5th Avenue, NW 7th Street, and NW 8th Street, streetscape. The total capital investment of the Thrive Progresso Project is $15.4 million.
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, 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 for area residents, promote public private partnerships and investment in the redevelopment area.
The Thrive Progresso Project is also consistent with the recommendations of the Urban Land Institute TAP (Technical Assistance Panel) 2014 recommendations for the CRA area, recognizing that industrial buildings create a unique environment, offer redevelopment potential, and present a strong opportunity to attract business and users such as entertainment, retail, and gallery uses.
For more information about Thrive Progresso visit www.thriveprogresso.com.