Posted on September 22, 2020 · Posted in Industrial / Flex, Investments, Office, Retail

Fish Property Management aims to attract businesses and patrons to Fort Lauderdale’s Progresso Village neighborhood by transforming warehouses into an entertainment and office destination.

There’s already been a development boom in Flagler Village, just north of downtown, with many apartment buildings and new restaurants. Just to the west, Progresso Village hasn’t experienced much redevelopment yet, but it’s a short drive from the growing downtown.

The Thrive project would cover about 4.5 acres at 746 N.W. Fifth Ave., including property on both sides of Fifth Avenue. There are currently about 80,000 square feet of warehouses in eight buildings there. Developer Jonathan Fish said they will be converted, with glass walls and doors, and air-conditioning systems and bathrooms added.

A key element of Thrive will be green space and pathways surrounding the buildings, said developer Abraham Fish, his brother. There will be a performance stage and spaces for food trucks. There will be several pathways between the buildings, with landscaping and courtyards. There would also be a public bathroom.

“We will turn this place into a new destination hangout,” Jonathan Fish said. “We are hoping it’s enough real estate to really start a movement out west. This was previously a pretty rough area. The buildings had about 90 mechanic shops, which city officials wanted out, so the landlord evicted them. About three tenants remain, and they are well-performing businesses.”

The adaptive reuse of Thrive will make the property suitable for four types of tenants: office, food and beverage, retail, and small warehouses. A unique feature of the project is the flexibility of how space can be divided. Spaces as small as 275 square feet are available. The developer could create spaces with 300 square feet of office and 700 square feet of warehouse with a delivery bay.

“Since the Covid-19 pandemic started, there has been more demand for small office and warehouse space with private bathrooms, especially on the first floor,” Jonathan Fish said.

The Fort Lauderdale Community Redevelopment Agency provided the developer with $2.5 million for the building improvements at Thrive and $340,000 for enhancements to Fifth Avenue. As part of the deal, the developer will make 30,000 square feet available for an affordable rate, about $17 a square foot. The developer plans to break ground in February and complete the project in August or September.

Click here to view a SFBJ slideshow of renderings of the Thrive Progresso project.

Source: SFBJ

About the Author