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 affordable units (the presenters described that as roughly 27 percent of units if the county funding is obtained).

Project-level financials shown to the board put the total development budget at about $138,000,000; CRA funding of $10,000,000 represents about 7.2 percent of that total, according to the presentation. The developer also proposed donating 0.77 acres of land to the CRA as part of the package; the presenters said the parcel was purchased late 2023 for $1,610,000 and estimated current market value at $3,040,000.

Staff told the board the site has been rezoned for multifamily use (presenters referenced a medium-density RMM-25 designation and regional activity center zoning) and that the project is under review by the city's Development Review Committee with additional comments expected to be resolved before final DRC compliance. The presentation listed expected start of construction in 2026 and a multi-year build schedule.

Board members asked about community hiring, minority- and small-business contracting, and how the CRA loan would affect the project's ability to secure county gap funding. Presenters and staff said the CRA loan would strengthen the project's county funding application; they described community-benefit provisions as “best-effort” commitments in the development agreement and said the developer had agreed to outreach and efforts to prioritize hiring within the CRA boundaries and adjacent districts, and to pursue minority-contractor participation (presenters referenced a target of roughly 15 percent of contract dollars for small/minority firms as a best-effort goal).

At the meeting several board members expressed interest in firm deadlines and regular progress reporting for projects that have received CRA commitments; staff described ongoing monitoring of funded projects and noted the agency has in past months reallocated funds from projects that did not advance. The board directed staff to continue active oversight and to bring project-status information forward for review.

The motion to recommend approval was seconded by Bryan Stafford; a roll-call vote followed and the recorded tally was unanimous yes among voting members present (nine yes, zero no, zero abstain). The motion recommendation will move to the CRA board for final approval as part of the agency's budget and funding process, and staff said the loan would require annual budget approval.

The presentation and the board discussion also included project design and amenity details provided by the developer: unit mix of studios, one- and two-bedroom apartments; in-unit washers and dryers; rooftop pool and fitness/clubhouse amenities; and rents and square-footage estimates for market-rate and restricted units provided in the packet. Retail rent estimates were presented at $25–$30 per square foot.

Implementation steps noted during the meeting include final DRC compliance, securing construction financing (presenters said they were working with Sydney National Bank for construction financing), execution of the CRA loan and related mortgage documents, and pursuit of a Broward County housing finance match to increase the number of restricted units. The developer and CRA staff said they expect to submit the county funding application as soon as city commitments are in place so the project can compete for county gap financing.

The board meeting packet and presentation materials have the full project budget, unit counts, and the CRA loan structure; the board vote covered only the recommendation for the $10,000,000 development-incentive loan and related terms as presented.