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W. Palm Beach Developer Duo Proposing Affordable Apartment Project
A development team made up of Procida Development Group and Tre Bel Housing Development Group offered West Palm Beach $500,000 for a 3/4-acre parcel of vacant city-owned land on which to build affordable and workforce apartments. The parcel, along with two others the duo owns, is at Broadway and 27th Street.
The S. Florida Business Journal reports the developer wants to build a seven-story project with 151 affordable and workforce apartments, along with 5,000 square feet of retail and a 166-space parking garage. There would be 7,500 square feet of park space. The preliminary budget for the project is $53.1 million. That includes the developer receiving $3 million in financial assistance from the city, which has not been finalized.
There would be 23 units for people making up to 80% of the area median income and 128 units for people making up to 120% of the area median income for a 30-year period. There would be 32 studio apartments, 64 one-bedroom units and 55 two-bedroom units.
