23 May Fort Lauderdale CRA Approves $3 Million Incentive for the Development of a New Hotel
On May 21, 2019, the Fort Lauderdale Community Redevelopment Agency (CRA) Board of Commissioners approved a $3 million incentive award to Avenue D ‘Arts FLL, LLC for the development of a Comfort Suites hotel. The CRA Board also authorized the sale of CRA- owned property to the developers. The CRA-owned property will be combined with adjacent land already owned by the developer to construct the new hotel.
The new hotel, to be located at the NW corner of Avenue of the Arts and NW 3rd Street is within walking distance from the Brightline-Virgin train station and the first hotel project west of the Florida East Coast Railway. Avenue D ‘Arts FLL LLC is a joint venture between Boca Raton-based Onyx Hospitality, led by Sameet Patel; Morpheus Group, led by Dr. Minesh Patel; and Impact Investments 1 LLC, led by Joseph Poveromo and Branden Hertz.The five-story hotel will include 100 suites, a pool, a fitness center, and 63 parking spaces.
Construction of the hotel would create 135 jobs and 25 direct jobs upon completion. 20% of the anticipated 25 new hotel jobs will be filled by residents of the CRA area. Construction is expected to commence in 2019 and be completed in 2020.
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. 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 CRA shall dispose of property it acquires to private and public persons for redevelopment purposes and per the CRA Plan, the CRA will establish incentive programs to address redevelopment obstacles. In addition, it calls for investing in development projects that create job opportunities for area residents, promotes public private partnerships and investment in the redevelopment area.