Affiliated Development has officially begun construction on the Spruce mixed-income apartments in West Palm Beach, thanks to a $50 million loan from Bank of Montreal. The original property owner, Grace Development, is also an investor in the project. Additionally, Affiliated received funding from both the city and Dade County through a combination of $5.1 million in tax increment financing and a $2.5 million grant.
The remaining equity portion was provided by a family office for this 270-unit apartment complex with 2,330 square feet of retail space spread across eight stories at its location on 2501 Spruce Ave in Northwood Village neighborhood.
Verdex Construction has been chosen as the general contractor for this project which is expected to be completed by early 2026 according to A+R Architects who designed it.
Residents can look forward to amenities such as coworking spaces, fitness center access,pickleball court and game lawn area,a pub room with games,and even a rooftop pool deck upon completion.
Affiliated Development recently broke ground on their latest project -the Spruce mixed-income apartments- after securing a significant construction loan worth $50 million from Bank of Montreal. This development is being funded by various sources including Grace Development (the original property owner), the city and Dade County who have contributed through tax increment financing ($5.lm)and grants($2.Sm). The remaining equity portion was provided by an undisclosed family office.
Located at 2501 Spruce Ave., within West Palm Beach’s Northwood Village neighborhood,this eight-story building will featurea totalof270apartments along with approximately2330 square feetofretail space.The units will include117 affordable housing options that cater specificallyto low income earners.This ambitious undertakingis setto be completedby Verdex Constructionin Ql2026with design work handledbyA+R Architects,
Future residents can expect top-notch amenities like co-working spaces, a fitness center, pickleball court and game lawn area,a pub room with games,and even a rooftop pool deck.
