DELRAY BEACH, Fla. — The Delray Beach Community Redevelopment Agency (CRA) is accepting applications for its new affordable retail space.
A ribbon-cutting ceremony took place Thursday for what's called the 98 on 5th project.
Groundbreaking took place in March 2022.
The building includes five commercial bays as well as a second floor with office space.
The goal is to keep local entrepreneurs in the area and revitalize what's called a historically Black part of Delray Beach with more business opportunities.
"It won't just be simply by a grading scale of how financially stable you are, that is certainly an element, but we want to make sure we have the best mix of tenants to help this area," Delray Beach Vice Mayor Ryan Boylston said.
Boylston said retail and restaurant rent in other parts of downtown Delray Beach is upwards of $100,000 per square foot.
This new project maxes out at $22 per square foot, which the CRA says equates to $950-$1,200 per month.
"There's a lot of opportunity here to get it back to a thriving street in Delray Beach with Black businesses, local businesses," Boylston said. "I think this is really going to open that up and provide a level of rent that is affordable that we don't see much of in our downtown right now."
The CRA said they've already had entrepreneurs show interest, like Samuel Woods who applied for a space.
"It's inspiring. You have people from all walks of life and choices of business or entrepreneurship that can see a space like this and say, 'Hey, I can get my start-up off the ground,'" Woods said.
He's hoping to open a plant-based cafe/sandwich bistro idea in the building.
"In Delray Beach, in particular, it's expensive. There's been a lot of development," Woods said. "I hope that this area can be revitalized and can have life, new life brought into it."
The deadline for applications to be submitted is Aug. 14.
Click here if you'd like to apply for a space.