Fort Lauderdale Community Redevelopment Agency
- Economic Development
- Government Management
- Public-Private Partnership (P3)
- Real Estate
Avenue Lofts Public-Private Partnership
The Northwest/Progresso CRA was established in 1995. By 1999 the CRA Board had grown frustrated that very little activity had occurred in the CRA district. Ms. Briesemeister was hired as executive director in 1999 to reorganize and re-establish priorities for the CRA. The CRA issued a $20 Million bond and approved a Strategic Finance Plan that focused on public-private partnerships. The Flagler Village area suffered from issues of crime and blight and was in an area that hadn’t seen any new redevelopment in 30 years. The area had long been overlooked by the private sector due to the high risk of development in the area. Although the area was within a CRA, incentives were needed to spur redevelopment.
Specific CRA programming was put in place to support developers through public-private partnerships, which resulted in attracting Hooper Construction to build the Avenue Lofts project.
The project generated approximately $200,000 new annual tax increment and created comparable sales figures for future development to occur. The project then spurred the next project that generated $325,000 in new tax increments.