17 Nov CRA Board Approves $23.1 Million Loan for CRA Developer Incentives
On November 16, 2021, the Fort Lauderdale City Commission, acting as the Community Redevelopment Agency (CRA) Board of Commissioners, approved a $23.1 million bank loan for the Fort Lauderdale CRA to provide larger incentives for new development along the Historic Sistrunk Commercial Corridor. Three of the projects to be funded from the secured loan include two mixed-use affordable housing projects and a commercial/entertainment complex. The projects include:
The Aldridge and Laramore, located at 1204 Sistrunk Boulevard and 1620 NW 6th Court. The Aldridge and the Laramore are two separate mixed-use affordable housing developments named in honor of Fort Lauderdale pioneers Sylvia Aldridge and David Laramore. Both developments will contain a total of 72 rental units with ground floor commercial/retail and a parking garage. The mixed income multi-generational developments will provide quality housing for working and retired residents. The CRA will provide funding in the form of a DIP Loan in the amount of $8,000,000 to Sistrunk Apartments, LLC. The total development cost for the Aldridge and the Laramore is $18,570,000.
The Victory Entertainment Complex located at 1017 Sistrunk Boulevard and 606 NW 10th Terrace is a 3-story commercial and entertainment complex. The contemporary designed building will contain a craft distillery known as the “Old Sistrunk Distillery”, a restaurant, cigar lounge, wine bar and lounge and approximately 1,500 square feet of meeting space. The CRA will provide funding in the form of a DIP Loan in the amount of $2,450,000 to NE 6th Development LLC. The total development cost for the Victory Entertainment Complex is $4,000,000.
CRA funding for these significant projects on Sistrunk Boulevard totals $10,450,000. The bank loan secured by the CRA allows these major projects to commence and be completed before the CRA sunsets in 2025. The remaining funds will be utilized to pay off the balance of a loan the CRA secured in 2015 to fund the WAVE project and to fund other CRA development initiatives in the CRA target areas. For more information on CRA incentives, visit www.fortlauderdalecra.com.