115 N. Federal Highway Infill Mixed-Use Redevelopment Project

• PROJECT LOCATION: 115 N. Federal Highway
• BBCRA DISTRICT: Downtown
• BBCRA FUNDING:
  • ACQUISITION: $7,605,000
  • TIRFA: $7,000,000

PROJECT DESCRIPTION:

The property located at 115 N. Federal Highway including the associated parking lots located at 501 NE 1st Avenue and NE 4th Street have long been recognized as important components in the future redevelopment of the downtown core. These properties are vital to the BBCRA Redevelopment Plan as they are located within the Downtown District, Central Business District, Transit Oriented Development area, and are adjacent to the future location of the Coastal Link commuter rail line envisioned for the region.

On July 23, 2021 the BBCRA issued a Request for Proposals and Developer Qualifications (RFP/RFQ) for the acquisition and redevelopment of the BBCRA owned parcels.

On June 7, 2022 the BBCRA Board entered into a Purchase & Development Agreement, a Tax Increment Revenue Financing Agreement (TIRFA) and a Parking Lease Agreement with the Fort Lauderdale-based developer, Affiliated Development, LLC.

At the March 9, 2023 meeting, the City Commission approved the site plan for the project.

The Pierce is a mixed-use redevelopment project that will include 300 mixed-income residential apartments, as well as approximately 17,000 square feet of restaurant, retail,  and office space, and 150 public parking spaces.

As part of the TIRFA, the developer will rent 50% of the units at 80%-120% of the Area Median Income (AMI) for a period of 15 years following the completion of the project. At the end of the 15 year term, 30% of the units will be rented at the same AMI percentages for an additional 15 years. At the end of the 30 year term of affordability, 10% of the units will remain subject to the affordability requirements in perpetuity.