Fort Lauderdale officials approve new $1.5 million loan to developer
During their Oct. 1 meeting, and with little discussion, members of the Fort Lauderdale City Commission unanimously approved additional funding for a proposed six-story building at 1217-1233 Sistrunk Boulevard. The vote, which was made while the mayor and commissioners sat as board members of Fort Lauderdale's Community Redevelopment Agency (CRA), increased the CRA's total funding for the project to $5 million. The proposed project consists of 27 apartments with oversized balconies, 3,582 square feet of retail, and a two-level parking garage with 58 parking spaces. Its developer, Wright Dynasty, LLC, received a forgivable $3.5 million loan from the CRA back in 2020. Wright Dynasty, headed by Dennis Wright, applied for additional funding from the CRA because the project's estimated cost of construction increased from $7.12 million to $14.93 million, a memo from Susan Grant, Fort Lauderdale's acting city manager and CRA executive...