21 Oct FAT LIVE AFFORDABLE HOUSING PROJECT
On October 15, 2019, the Fort Lauderdale Community Redevelopment Agency (CRA) Board of Commissioners approved a $5 million incentive /forgivable loan to Fat Live Limited Partnership for the development of the Fat Live affordable housing project at 501 NW 1st Avenue.The proposed new development will be located at Fat Village, a group of warehouses and loft apartments located between Sistrunk Boulevard, NW 4th Street, the FEC Railway and Andrews Avenue. The area is home to artists, creative businesses and the monthly Fat Village Art Walk.
The Fat live affordable housing project is comprised of 125 one and two-bedroom units ranging from 967 square feet to 1,359 square feet. 19 units will be set aside for residents who earn 30 percent of the Area Median Income (AMI) or less, 50 units for residents who earn 60 percent of the AMI or less, 25 units for residents who earn 80 percent of the AMI or less and 31 will be market rate units.
The affordable housing project is a part of a master plan to redevelop FAT Village. Plans include building 19,659 square feet of retail, 188,692 square feet of office space, 7,302 square feet of art studios, a 12-story, 145 room hotel, a 7-story, 1,049 car parking garage and two buildings with a total of 432 housing units. CRA funding is contingent on an award of 9% Low Income Housing Tax Credits by the Florida Housing Finance Corporation, an award of a $5,000,000 loan from Broward County and a firm commitment for construction financing.
Consistency with the NPF CRA Community Redevelopment Plan
The Northwest-Progresso-Flagler Village (“NPF”) CRA Community Redevelopment Plan is designed, in part to stimulate private development of areas planned for commercial development. 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.
Per the CRA plan, the CRA will establish incentive programs to address redevelopment obstacles. The CRA Five-Year Program, which is incorporated as part of the 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. 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.