Fort Lauderdale CRA board approves $10 million loan for 312 NW Seventh Street mixed-use housing project

The Fort Lauderdale Community Redevelopment Agency (CRA) advisory board voted to approve a recommendation for a $10,000,000 development incentive loan to 312 Northwest Seventh Street LLC for a proposed eight-story, 422-unit mixed-use apartment building at 312 Northwest Seventh Street.

The loan, described by staff as part of a development-incentive program, would be funded over five years beginning in fiscal year 2026 and secured by a mortgage subordinate to the construction loan and permanent financing, the presentation said. The board approved the recommendation by roll call at the meeting after a public presentation and questions from members.

The project as presented calls for an eight-story building with roughly 422 residential units, about 1,600 square feet of ground-floor retail, and structured parking (presentation materials listed approximately 559 structured spaces plus on-street spaces). The developer proposed 43 income-restricted units initially (approximately 10 percent of units), with a plan to pursue additional gap funding from the Broward County housing finance program that would add roughly 71 income-restricted units if secured, bringing the total to about 114…