Centennial Bank has provided an $84.4 million loan for The Arcadian, an 8-story mixed-use affordable housing project at 640 Northwest 7th Avenue in Fort Lauderdale’s Progresso Village neighborhood. Designed by Behar Font & Partners and developed by Fuse Group in collaboration with Boca Paila led by Grupo Krea, the project will include 478 residential units, 15,000 square feet of retail space, and a 212,000 square foot parking garage. The development has already broken ground and is expected to be completed in 20 months.
The Arcadian. Designed by Behar Font & Partners.
The Arcadian is set on a 3.35-acre site covering most of the block. Fort Lauderdale-based Fuse Group owns the property through its affiliate, Sunshine Shipyard LLC. They secured approval from the city’s Development Review Committee on October 24, 2022.
The Arcadian. Designed by Behar Font & Partners.
“We are thrilled to play a pivotal role in the development of The Arcadian, a project that aligns with our mission to support community growth and provide quality affordable housing,” said J.C. de Ona, Southeast Florida division president at Centennial Bank. “This $84.4 million loan underscores our commitment to impactful investments that transform neighborhoods and improve lives.”
The Arcadian. Designed by Behar Font & Partners.
The property will include a parking garage with approximately 600 parking spaces and state-of-the-art amenities such as inner courtyards, a playground, an infinity pool, a fitness center, a business center, a movie studio, designer finishes, terraces, smart home features, and a clubhouse. The building will offer efficiently designed and unique studios, one- and two-bedroom floor plans that cater to a wide array of tenants’ needs and profiles.
The Arcadian. Designed by Behar Font & Partners.
The Arcadian. Designed by Behar Font & Partners.
The Arcadian aims to revitalize the Sistrunk District. The project has received support from the City of Fort Lauderdale and the Northwest-Progresso-Flagler Heights Community Redevelopment Area (NPF-CRA). The initiative is part of ongoing efforts to enhance the community by providing quality affordable housing and promoting economic development.
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The WHOLE thing will be affordable? Wow. (Unless I missed a percentage amount in the article?)
That’s the NICEST ‘affordable building’ these pages have ever seen!
Is it like full affordable at 60% AMI or it’s a not-really-one, at 120% AMI ?
Now I’m seeing on the developer’s website that this development will be have 10% designated as affordable. That makes more sense and appears to be a rare omission on YIMBY’s part.