FHRA approves incentive agreement to attract restaurant at Foam Craft project

Aug. 11 — The Fort Harrison Reuse Authority authorized an incentive agreement for the Foam Craft redevelopment project aimed at attracting a higher-end restaurant to the Fort Harrison area. Board members said the Foam Craft project — which broke ground in April and whose owners acquired the property in February — has already made visible progress, including standing walls. The incentive agreement approved Aug. 11 would subsidize the build-out of proposed restaurant space and provide a limited rent incentive for that space. President, Fort Harrison Reuse Authority, said the goal is to “attract and develop a restaurant use, which we do not have in the Fort Harrison area, of a higher standard white table cloth,” and described the opportunity as something the board has pursued for years. The incentive agreement was presented by counsel and described as drafted by the authority’s counsel. The resolution authorizing the agreement, Resolution 2025-05, passed by a unanimous voice vote. The board noted the incentive is contingent upon the agreement being executed; specific dollar amounts, duration of the rent incentive and performance conditions were not stated on the record. The authority did not provide a timeline for tenant selection or the rent-incentive payment schedule during the meeting. The board indicated the incentive is intended to spur restaurant development in an area of Fort Harrison that currently lacks that type of dining option.