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.
The 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 located at Broadway and 27th Street and the two others they already own: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 to 120% AMI over a period lasting thirty years. The unit breakdown consists of 32 studio apartments 64 one-bedroom units and 55 two-bedroom units in total.
The proposed project is set to feature a seven-story building comprising 151 apartments dedicated to affordable and workforce housing. Additionally, it will include approximately 5K square feet of retail space and a 166-space parking garage. Aswell, there will be an expansive 7.5K square feet of park space. The preliminary budget for this development stands at $53.1 million, which also includes a financial assistance of $3 million from the city; however, this is still subject to finalization.
The proposed project will cater to individuals earning up to 80% of the area median income (AMI) with 23 units reserved specifically for them. Additionally, a total of 128 units are intended to accommodate those earning up to 120% AMI over a period lasting thirty years. Furthermore, the unit breakdown consists of 32 studio apartments, 64 one-bedroom units, and 55 two-bedroom units in total.
