A partnership between Procida Development Group and Tre Bel Housing Development Group has offered West Palm Beach a sum of $500,000 for a 3/4-acre plot of land owned by the city. The developers plan to use this land, along with two others they already own at Broadway and 27th Street, to construct affordable and workforce apartments.
According to the S. Florida Business Journal, their proposed project will consist of a seven-story building with 151 units designated as affordable or workforce housing. Additionally, there will be approximately 5,000 square feet of retail space and a parking garage with room for 166 vehicles. The development also includes plans for park space spanning over 7,500 square feet.
The estimated budget for this project is $53.1 million which includes financial assistance from the city in the amount of $3 million; however these details have not yet been finalized.
Of the total units planned for construction on this site:23 will be reserved specifically for individuals earning up to 80% of area median income (AMI)128 units are intended to accommodate those earning up to120% AMI over a period lasting thirty years.The unit breakdown consistsof32 studio apartments64 one-bedroomunitsand55 two-bedroomunitsin total.
A proposal has been put forth by developer duo Procida Development Group and Tre Bel Housing Development Group offering West Palm Beach an amount totaling$500Kfor acquiringa vacant parcel measuring three-quarters acre that is currently under ownership bythe city.This pieceofland located at Broadwayand27th Streetwill join forceswithtwo other parcelsalready ownedbythe duoas partoftheirplansto buildaffordablehousing optionsforlow-income earnerswithinthe community.
As reportedbyS.FloridaBusinessJournal,the proposedprojectis setto featurea seven-storybuildingcomprising151apartments dedicatedtoaffordableandworkforcehousing.Additionally,itwill includeapproximately5Ksquarefeetofretail spaceand a 166-spaceparkinggarage.Aswell,there will be an expansive7.5Ksquarefeetof parkspace.The preliminary budget for this development stands at $53.1 million, which also includesa financial assistance of $3 million from the city; however,this is still subject to finalization.
The proposedprojectwill cater to individuals earning up to80% ofthe area median income (AMI) with23units reserved specifically forthem.Additionally,a total of128 units are intendedto accommodate thoseearning upto120% AMI over a period lasting thirty years.Furthermore,the unit breakdown consistsof32 studioapartments,64 one-bedroomunits,and55 two-bedroomunitsin total.
