Affiliated Breaks Ground on Grand Apartments in West Palm Beach
Affiliated Development broke ground on the Grand apartments in West Palm Beach after obtaining a $52.52 million construction loan.
Miami Lakes-based BankUnited (NYSE: BKU) awarded the mortgage to Rosemary WPB LLC, part of Fort Lauderdale-based Affiliated Development. It covers the 2.42-acre site at 325 N. Rosemary Ave., in the Northwest Historic district. Rising eight stories, the Grand will have 301 apartments, nine townhouses and about 4,000 square feet of commercial space.
In 2019, the project was awarded an incentive package worth $15 million from the city and its community redevelopment agency. In exchange, two-thirds of the apartments in the Grand will be income-restricted for people making from 80% to 140% of area median income. The median household income in West Palm Beach is $54,334.
“Affiliated Development’s $81 million investment into the city’s historic Northwest community represents the single largest private investment in this neighborhood’s history and will deliver much needed workforce housing for our city’s residents,” West Palm Beach Mayor Keith A. James said. “This project supports the city’s efforts to build stronger neighborhoods and to provide better connections for residents between their home and their job.”