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New construction multifamily in Lake Worth is booming!

Cashflow In Miami
January 31, 2021

1017 Lake ave , Lake Worth
Dixie hwy between  16th avenue north  and 17th avenue north  , Lake Worth

One developer , two  rental brand new projects , one -Lake Worth.

Affiliated is in the midst of the construction of the 230 units , called MID.

The 5.6-acre plot, located between 16th Avenue North and 17th Avenue North, had been sitting vacant for years .  

The project, which Affiliated acquired for $4.1 million, received a total of $2.4 million in incentives — a $1.4 million tax increment rebate through the CRA and another $1 million from the city for infrastructure improvements, approved in 2018.  
The gated complex will feature one- and two-bedroom apartments, as well as a fitness center, coffee bar, game lawn, dog park and a “resort-style” pool, complete with cabanas.

About 10 percent of The MID’s units will be set aside for residents making less than 120 percent of the area’s median income.  The remainder of the units will be priced at market rate, which, in Lake Worth Beach, tends to be cheaper than neighboring cities.

A  one-bedroom apartment at The MID will rent for about $1,200 to $1,300 per month.

The same developer just got the green light for the 7-story 186 unit property coined Bohemian just a few blocks south from the MID.

The CRA unanimously voted  to enter a funding agreement that commits $1.6 million in public funds to the project.  
Affiliated, which has an agreement to buy the 2-acre site, has committed to renting 60 percent of its units to tenants that earn up to 120 percent of the area median income. Local fire fighters, police officers, government employees and teachers will get a chance to apply for and reserve a unit 60 days before the general public.

Approximately 150 of the apartments will be one bedroom, providing an option for young professionals, couples tenants.

Plans include around 2,700 square feet of retail space that would be used for a restaurant or other food-service business.  

The complex will include a “resort-style” swimming pool, a fitness center, co-work space with a coffee bar and a roof-top observation deck .
The next step in the process is a date with city commissioners, who are being asked to pay for the 400-space parking garage at an approximate cost of $3 million to $4 million. Under the proposal, Affiliated would run the garage and lease up to 200 spaces from the city .  
The project is estimated to produce more than $6 million in tax revenue by 2030.  
Under a best-case scenario, ground-breaking for The Bohemian could take place as early as next year with a completion date of 2022 .
1715 North Dixie Highway in Lake Worth is another $30 million, 121-unit apartment  complex called "Deco Green"  .The CRA spent about $2.6 million to buy the land in 2018 and get it shovel ready, according to documents provided to the board.
The proposal calls for three buildings with one- to three-bedroom apartments, 966 square feet of office space and 7,406 square feet of retail, as well as a 30,000-square-foot public green space. Office America Group will pay the agency $2.49 million for the right to develop the project.

Right down the street you have another development being proposed for the construction dubbed "Element" for 124 units. Rosemurgy Properties, led by Alex Rosemurgy II, and Stateside Capital Group, led by Norman Weinstein, have partnered for the project. Stateside is the lead developer on the project.Element proposes a five-story building with apartments of up to three bedrooms. The building would have a four-story parking garage. The developers would finance with personal capital and said they can finish the project within 27 months from commencement, putting the opening date at about 2023.The developers offered the agency $2.8 million for the land, which is located at 17 South M Street, 23 South M Street, 24 South L Street, 26 South L Street, 30 South L Street and 32 South L Street.

Rosemurgy and Stateside defeated proposals from Aina Development for a 107-unit project called Eco-Jewell and a 195-unit project from Atelier305/Lineaire Group called The Modulor.So, there was a heated battle for this site!! That means more developments to come because both Atelier and Aina are on the hunt for the land to build!

 8450 Lake Worth road right between Lake Worth and Wellington the 348 mixed use multifamily project is being offered walking distance to Turnpike.

The application for the proposed development, called Polo Gardens, comes from three LLCs managed by Sheldon Rubin for property at 8450 Lake Worth Road .

Palm Beach County officials will consider a zoning change request on Friday that would allow a mixed-use project of up to 348 multifamily units and nearly 27,000 square feet of commercial development on land currently used as agricultural and equestrian in the central part of the county.  The agent for the application is JMorton Planning and Landscape Architecture.Almost 9 acres of land are currently zoned for “residential, transitional” with proposed future land use of “commercial high with underlying two units per acre.” Almost 17 acres of the land are currently zoned for “planned unit development” with proposed future land use of “medium residential, five units per acre.”

If Rubin’s land is rezoned, it would allow for up to 378 units as opposed to 103 units currently allowed. Under future land use rules, Rubin could theoretically build 423 residential units in the future, according to the application.

Staffers want to cap the number of future units at 284. Staffers also recommend requiring the developers to make a quarter of the units workforce housing, and limit the building heights to three stories, according to the application.

While Rubin seeks only 27,000 square feet of commercial space right now, he is allowed a maximum of 146,000 square feet.

Approval would move 16.97 acres of land from Pulte Homes’ Fields at Gulf Stream Polo to the proposed Polo Gardens. Rubin would dedicate 18.4 percent of units to workforce housing, according to the proposal.

Rubin acquired the land from various owners, including Pulte, starting in 2014, spending at least $7 million, according to records.


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