TO: Margate CRA Chair and Members of the Board
FROM: Cale Curtis, CRA Executive Director
DATE: April 9, 2025
Title
CONSIDERATION OF A REQUEST BY CURRENT CAPITAL REAL ESTATE GROUP FOR GRANT FUNDING IN AN AMOUNT NOT TO EXCEED $600,000 FOR RENOVATIONS TO THE ATLANTIC CENTER SHOPPING PLAZA LOCATED AT 6828-6896 WEST ATLANTIC BOULEVARD
BACKGROUND: The MCRA received a proposal from Current Capital Real Estate Group, owner of the Atlantic Center, requesting MCRA grant assistance to make exterior renovations to the shopping plaza located at 6828-6896 West Atlantic Boulevard (copy attached). Their proposal outlines improvements totaling $1,205,586 for which grant funding in an amount not to exceed $600,000 is being requested. The planned exterior improvements are as follows:
• Roof replacement - $320,000
• Building façade including new columns, stucco smooth finishes, awnings, decorative foam, decorative stones, paint, and more - $372,161
• Impact door and windows - $238,425
• Asphalt overlay of parking lot - $90,000
• Curbing and parking lot islands (8) - $50,000
• New dumpster enclosure - $30,000
• Landscape and irrigation - $50,000
• Monument sign - $15,000
• Architectural designs, engineering, permitting - $40,000
While the current Property Improvement Program (PIP) guidelines allow for reimbursement of 50% up to $750,000 for commercial property improvements, the maximum funding for this request would be limited to $366,600 due to the required linear square footage calculation. The guidelines specify the following:
Maximum eligible amount of the grant is calculated based on $1,500 per linear foot for the first 100 linear feet and $1,000 per linear foot thereafter, of the longest side of the parcel that faces the eligible arterial road.
The linear footage for the longest side of the parcel facing Atlantic Boulevard is 316.6 LF, calculated as follows: (100 LF x $1,500=$150,000) + (216.6 LF x $1,000=$216,600) = $366,600 total
The attached proposal (Offering Memorandum) provided by Todd T. Nepola, President, of Current Capital (Real Estate Group) and the new owner of the Atlantic Center plaza, also showcases “before” and “after” images of three other plazas in South Florida they own and have renovated using CRA funding: Lake Shoppes Plaza (Lauderdale Lakes); 3190 South State Road 7 (Miramar); and, Lauderhill Shopping Center.
The owner is requesting the Board’s consideration of grant assistance from the MCRA which falls outside the current PIP grant guidelines.
RECOMMENDATION: For review and Board direction
FISCAL IMPACT: $600,000 is currently available in the budget allocation for Property Improvement Grants #140-0510-512.83-35 for commercial properties.
CONTACT PERSON: Cale Curtis, CRA Executive Director