Progresso Point

 

Location:
619 N Andrews Avenue
Ft Lauderdale, Fl 33301

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Leasing Information:
Reliance Housing Services, LLC
Phone: (954) 463-9110
Fax: (954) 463-9112
www.progressopoint.com

BCHA Development Department:
Parnell Joyce, VP Asset Management
Phone: (954) 739-1114 ext 2342
Sam Hornsby, Assistant VP Asset Development
Phone: (954) 739-1114 ext 2319

Community:
0.517 gross acres
One high-rise building = 76 units
Attached parking garage (floors 1 - 3)
First floor leasing office, library and computer lab

Construction:
Concrete block with stucco finish
Thermoplastic Polyolefin single ply flat roof

Income Levels:
10% of units designated for residents at 28% or less of AMI
80% of units designated for residents at 60% or less of AMI
Total of 20% of units for residents at 50% or less of AMI

Progresso Point is a high-rise apartment development located in the Flagler Village neighborhood of Fort Lauderdale, FL.  The finished product will be a modern marvel, built by the same construction firm that recently completed the $160 million New World Symphony campus expansion.  However, the site posed several challenges.  As part of a growing urban footprint, sites on the periphery of downtown were scarce and expensive.  Three properties were assembled to create a buildable site of slightly over one half acre.  The site was, and is, bordered by an active rail line on one side and zero lot lines on two other sides.  Lastly, the structure had to be designed to meet and exceed some of the most stringent building codes in the nation.  The small site required vertical heights above the seven stories to achieve the optimal mix of 76 apartments.  That triggered the "high-rise" designation and corresponding additional design considerations. Pilings had to be set 60 feet beneath the surface. 
The 64 one bedroom/one bath and 12 studio apartments range from 500 to 600 square feet.  The design team adeptly used nine foot hurricane impact windows, virtually from floor to ceiling, to create an expansive appearance when entering the apartments.  The windows further serve as a practical sound barrier to the occasional passing train.  The floors above number seven had to be "stepped back" or recessed from the lower facade to accommodate higher velocity wind sheer calculations.  The consequence was an architecturally attractive multi-dimensional elevation.  Although the site is within walking distance to downtown employment, government services, and recreation, plus located on a bus route, a three story parking garage will be attached, providing parking for 76 vehicles. A pool and recreation deck will be built on the top floor, a literal urban oasis.
As a development incentive, both the municipal and county governments made critical contributions; the local government offered an expedited permitting process and the county made a financial commitment that allowed successful leveraging of additional funding sources for the project.  The 76 unit Progresso Point development is consistent with both "SMART growth" and "Transit Oriented Development" guidelines.     

 

Financial Information:
  • First Mortgage: $2,200,000
  • Construction Loan: $10,363,000
  • Local Grants: $250,000
  • Federal Grants: $3,800,000
  • Partnership Equity: $15,000,000
      Partners:
    • Architect: Cohen, Freedman, Encinosa & Associates, PA
    • Financing: Bank of America and National Equity Fund
    • Investor: Local Initiatives Support Corporation (LISC)
    • Contractors: Facchina Construction
    • Developers: BCHA through its affiliates with Reliance Housing Foundation
    • Interior Design: E Coleccion