Tag Archive for: affordable housing construction

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The Westgate/Belvedere Homes Community Redevelopment Agency (CRA) could partner with a developer to build a mixed-use project about 10 blocks north of Palm Beach International Airport.

The Palm Beach County Zoning Commission will consider plans for Westgate Terrace on Feb. 2. It would be located on the vacant site of two acres at the southeast corner of Westgate Avenue and Seminole Boulevard. The CRA owns six of the seven parcels there. The remaining parcel at 2634 Westgate Ave. is owned by Danza of Westgate LLC, managed by Charles Lesnick in Wellington.

“The CRA wants to redevelop the Westgate Avenue corridor by cleaning vacant lots and demolishing dilapidated buildings to create a safer and more vibrant area where people can live and work,” said Elizee Michel, executive director of the CRA. “It is a mixed-use mixed-income proposal that provides office space, workforce housing and modern architecture to lift up the area economically and esthetically.”

Rising four stories, Westgate Terrace would feature 46 apartments, a 5,600-square-foot office for the CRA and 5,015 square feet of medical offices. Michel said that would include 10 apartments for workforce housing, with two of them set aside for disabled veterans.

“The developers are currently working on financing the construction,” Michel said. “Depending on the amount of government funding they receive, the majority of the units will either be affordable or workforce housing. The units, even if they are not all income restricted, will be made affordable to middle-class earners to help address the shortage of affordable housing in Palm Beach County.”

The developer is seeking a waiver to allow an entrance into the project from Nokomis Avenue with a 40-foot right-of-way, instead of 80 feet as required by county code. Aaron M. Taylor of Belle Glade-based Arc Development Global represents the CRA and the developer in the application.

 

Source: SFBJ

The Delray Beach Community Redevelopment Agency approved plans for AltaWest, a $100 million mixed-use project on West Atlantic Avenue.

The CRA board OK’d the sale agreement with BH3 Management for 7.4 acres at 600 to 800 West Atlantic Avenue. The developer has 30 days from the date of obtaining a construction permit to close on the land, according to the South Florida Business Journal.

Aventura-based BH3, led by Dan Lebensohn and Greg Freedman, was the winning bidder of six groups for the public-private partnership project. The development will include 43,000 square feet of ground floor retail, 21,600 square feet of professional office space, a 33,000-square-foot grocery store, 165 residential units totaling 272,242 square feet, 744 parking spaces, about 45,000 square feet of public space called “Frog Alley” and up to 30 workforce housing units, the latter of which includes 18 affordable housing units being built on an adjacent site.

The site is in an Opportunity Zone, which means the developer can qualify for a major federal tax incentive for developing the project. The federal program allows developers and property owners to defer and possibly forgo paying some of their capital gains taxes, or taxes resulting from the sale of certain assets.

While BH3 was the only bidder to not offer money in exchange for the land, the company said it plans to spend the most on development.

BH3 has to put $250,000 into escrow. The city commission still needs to grant the project final site plan approval.

 

Source: The Real Deal