tater town market a family-owned community business since 1964
DEVELOPMENT CONCEPT A modern and attractive mixed-use facility: First level (Commercial Space): Open-air and under-air market will offer: Huge assortment of high-quality locally-sourced fresh produce. Delicious and convenient hot Southern cuisine. Open air food courts Retail outlets offering complimentary items A social gathering place Second Level (Residential Space): Modern, architecturally significant rental apartments will provide sustainable, healthy, low-cost housing to six local families
DEVELOPMENT CONCEPT Why? Huge market demand for fresh high-quality locally-sourced fruits and vegetables in the community and in the County. Today s consumers have become more savvy about nutrition and how food is produced. The community surrounding Tater Town is a food desert with supermarkets over a mile away Fort Lauderdale is growing with a dramatic surge in housing development increasing market demand. Spurs revitalization and reinvestment along the 27 th Avenue corridor Provides much needed affordable housing
SITE LOCATION 329 NW 27 TH AVENUE
MARKET ANALYSIS The Community: 95% African American Very-low income area (qualified distressed census tracts) 40% of Tater Town s income comes from food assistance programs High vacancy rate, sub-standard housing and high crime Over-abundance of convenience and liquor stores Odd mix of industrial and residential uses Infrastructure problems Slum and Blight
MARKET ANALYSIS Community Needs: Nearby access to nutritious low-cost foods Convenient and delicious cooked foods options Sustainable, high-quality and affordable housing Redevelopment and revitalization of NW 27 th Avenue Jobs A safe social gathering place Build on community image improvements begun by the African American Library and the Urban League.
MARKET ANALYSIS Market Demand: Growing consumer awareness of nutrition and health and how our food is produced has created a tremendous demand for high-quality fresh non-genetically modified produce at competitive prices. Dramatic surge in housing development is fueling explosive demand. Downtown Fort Lauderdale will have 4,067 more housing units within the next two years which will nearly double downtown s 8,200 population. Consumers long for the traditional open-air markets with a wide assortment of produce in a pleasant environment and where they can also enjoy a hot meal
MARKET ANALYSIS Competition: Swap Shop Future Walmart Supercenter Save-A-lot Publix and Winn-Dixie Fresh Market and Whole Foods Tiny local urban organic farms Las Olas Market Broward Meats and Fish Betty s Soul Food Pop-up barbecue stands Lauderdale Lakes Food Distribution Hub
COLLABORATIONS Partnership with an experienced developer with a proven track record Partnership with Broward County Agencies Economic Development and Small Business Housing Finance and Community Development Planning and Redevelopment County Administrator for possible abatement of property taxes Office of Housing Finance Authority Florida Community Loan Fund, Inc. Collaboration with Gary Rogers, CRA Director, City of Lauderdale Lakes with his proposed Food Distribution Hub Subject matter experts: Jim Carras, Carras Community Investments
DEVELOPMENT SCHEME/SITE PLAN Zoning: Mixed-use development Planned Unit Development (PUD) Unity of Title Neighborhood politics/dynamics: Strong community support Adjacent to single-family community County wants to revitalize NW 27 th Ave. High crime Design Elements/Sustainability Natural Lighting Water retention Energy-efficient Low-emissive windows, reflective roof, recyclable materials
MODEL
FINANCIAL FEASIBILITY Gross Potential Income $1,097,455 Less Vacancy 6% (retail/residential) $4,845 Equals Effective Gross Income $1,092,610 Less Expenses $821,760 Equals Net Operating Income $270,850 Debt Coverage Rate 1.25 Loan to Value 75% Supportable Debt $3,354,308 Project Cost $4,472,410 Required Equity $1,118,103
GAP FINANCING Gap = $1,118,103 Proposed Sources of Gap Financing: Land value $325,000 Housing Finance Authority $200,000 HOME Grant $250,000 Community Food Projects Grants $250,000 Economic Development Program $200,000 Total $1,225,000
MANAGEMENT Who is going to manage. Food Court and Residential units will be managed by the Real Estate Management Firm Tater Town Market will be managed by Tater Town Produce LLC. Operating revenue streams. Produce market sales revenues Residential rental revenue Commercial rental revenue
THREATS AND CHALLENGES Zoning: Solution: 1.19 acre site in unincorporated Broward County is currently zoned both B-3 (commercial) and RP-1 (residential and parking) Unincorporated Broward does not have an existing mixed-use zoning category Planned Unit Development (PUD) zoning requires a minimum of five-acres and thus necessities a variance or text change to the ordinance. Unity of Titles Tater Town will address these issue through Public/Private Partnership.
THREATS AND CHALLENGES Gap Financing: Uncertainty of securing the grants and the size of these grants The complexity of New Market Tax Credits and meeting specific requirements such as minimum project size. Solution: Tater Town Market will perform due diligence in understanding funding source and conditions, meeting requirements and application deadlines. Delays in the Process: Any delays, in zoning, financing, permitting could result in Tater Town shutting down.
COMMUNITY IMPACT Creation of 25 to 30 new full time jobs. Housing options Encouraging economic investment by attracting new businesses. Ensures a 50-year community institution survives for decades to come. Nearby access to nutritious foods in a food desert community. Higher property values resulting in increased property tax revenues. Increase in the local sales tax revenues from the sale of cooked food and commercial rentals. (Produce is not taxed) Further enhances the community s image. Promotes Smart Growth.
Community is Key. We want a Tater Town Market that is a cornerstone of the neighborhood. A shopping experience that embraces fresh food, celebrates the joy of soul food cooking with modern and eco-friendly rental apartments.
Questions?