DELRAY BEACH, Fla. — WPTV is highlighting an effort in Delray Beach to help business owners open their own brick-and-mortar store for a fraction of the rental rate in other parts of the city.
The city's redevelopment agency is accepting applications for 98th on 5th, a newly renovated business complex a block away from Atlantic Avenue.
WATCH BELOW: Delray Beach program helping business owners navigate rising costs
Rising costs are an issue we often hear about at our "Let's Hear It" community events, everything from food to rent.
We’re seeking solutions for small business owners feeling priced out.
This new opportunity will hopefully incentivize local businesses to grow and return business to this sector of the city.
The city's redevelopment agency says this area used to be a thriving block for Black businesses, and they'd like to see that again.
This was a thriving African American business corridor many years ago, and it's a little bit a little bit different now," Renée Jadusingh, executive director for the city’s redevelopment agency. "Our intent is hopefully to bring back businesses and services that will benefit the community."
This building sits on Northwest Fifth Avenue and Northwest First Street , just a quick drive or walk from the downtown area on Atlantic Avenue.
The rate for the lease is around $20 per square foot, which is significantly lower than rates downtown. The units are 650 square feet, and you can even apply for more CRA funding for interior renovations.
“Downtown rents are soaring,” said Jadusingh. “They've been high, extremely high for a very long time, so we thought this area would be perfect to benefit from some lower rent for office space.”
They’ve also launched a shared workspace to help business owners get things done. The top floor of the building is a brand-new shared work space with several meetings room in there, a small kitchen, and tools.
Pricing varies per hour and for the whole day, and Delray Beach residents get a discount. You can book online.
The application for the retail space opportunities closes this Friday.
The CRA says what they’re looking for on the application are things most business owners should have handy, so don’t be discouraged by the deadline.
Based on a master plan from 2012, they’re focusing on family entertainment and financial and health services.
