If you’re a local business owner who is in need of your first commercial space, or needs a new and larger commercial space, the CRA would love to hear from you! Applications are now open for the five bays located on the ground floor of the newly revamped, two-story building located in the Northwest Neighborhood at 98 NW Fifth Ave.
98 On 5th is designed to revitalize and encourage economic activity within the CRA District, which will be accomplished through the provision of affordable commercial retail and professional office space. The property is owned by the CRA, which will ensure its affordability for years to come.
The CRA intends to lease these new affordable commercial rental spaces to qualified individuals or entities for commercial use with a mix of daytime, nighttime, and/or weekend operating hours.
The application is currently available, and the submission deadline is Monday, July 10th, 2023. Applications are open to business entities that have been in operation for a minimum of two years.
Leasing the space is open to commercial retail businesses, personal service providers, and professional office users. Commercial uses include, but not limited to: retail/specialty shop, café/coffee shop, professional offices (such as CPA, medical, legal services, insurance), financial services (including banks, personal banking, financial planning advisors), artist retail gallery/workspace as permitted within the Central Business District (CBD) zoning district, and more.
The 650-square-foot, brand new retail bays will be rented for $18/$23 per foot (not including utilities, internet, phone and security) and include a bathroom, janitorial closet, water fountain, access to public parking, 24/7 access to bay by successful tenant, and eligibility to apply for CRA Funding Assistance Programs.
Applicants will be scored on the following:
Section I: Organization Capacity & Qualifications (20%)
Section II: Experience and track record operating similar business/program/project (25%)
Section III: Strength of the Application/Proposal Narrative and Business Plan (20%)
Section IV: Budget, Finances, Sustainability (25%)
Section V: Overall Proposal (10%)
The CRA is committed to curating a diverse and interesting mix of business offerings, and all interested parties are invited to submit their proposals for consideration as tenants at this prime and historic location!
The deadline to submit applications is July 10th, 2023. To learn more or apply, visit delraycra.org/98-on-5th.
