Affiliated Breaks Ground on Lake Worth Beach Apartments with $31M Loan
Affiliated Development started construction on the Bohemian apartments in Lake Worth Beach after obtaining a $31.4 million construction loan.
Miami Lakes-based BankUnited awarded the mortgage to 1017 Lake Ave LLC, part of Fort Lauderdale-based Affiliated Development, led by CEO Jeff Burns. It covers the 2-acre site at 1017 Lake Ave. and 101 S. East Coast St. Moss & Associates recently filed notice with the county that it started construction on the Bohemian. The 7-story project will have 200 apartments, 3,619 square feet of commercial space, 247 parking spaces for residents, and 120 public parking spaces for the city. The city previously approved two incentive deals for the Bohemian. It would receive $89,066 for new utility usage and $300,000 for new street and stormwater infrastructure.
Affiliated acquired the property for $3 million in September 2020. The project was designed by MSA Architects. Amenities will include a pool, fitness center, dog park, public office, ride-sharing drop-off area and bike rentals.