A recently converted warehouse in Fort Lauderdale’s Progresso Village is now 100% leased with retail and office tenants that will altogether employ about 100 people.
Called Fabrick, the former industrial space at 801, 807, 815, and 819 N.E 2nd Ave. has 24,000 square feet of office and retail. The developer, BH3 Management, moved its headquarters from Aventura to the project’s office component in April. It’s larger than BH3’s previous office in Aventura, which was only 5,000 square feet.
The other seven businesses leasing space in Fabrick will employ an estimated 75 people. The final employee count for all tenants will not be known until they have completed their build outs and are open for business, Freedman stated in an e-mail to theĀ Business Journal.
A subsidiary of BH3, BH3 DJ Flagler LLC, bought the warehouse in November 2017 for $2.8 million, according to online records from the Broward County Property Appraiser office. Another subsidiary, BH3 DJ Sub LLC, purchased the warehouse from BH3 DJ Flagler LLC for $1.64 million in May 2020.
After receiving $350,000 in incentives from the Fort Lauderdale Community Redevelopment Agency in December 2020, BH3 launched an adaptive reuse project of the warehouse building.
Besides the incentives, the project was financed through a $5.1 million loan from New York-based Maxim Capital Group.
Source: SFBJ