Affiliated Development seeks over $8 million in incentives for West Palm Beach project
Affiliated Development is seeking about $8.6 million in incentives for a West Palm Beach apartment complex that would include workforce housing.
The City Commission will consider several incentive deals with Northwood Partnership, an affiliate of Fort Lauderdale-based Affiliated Development, on April 3. The city aims to spur development in the Northwood Village neighborhood on the north side of downtown that’s within its Community Redevelopment Agency (CRA) district.
The developer has the 1.41-acre site at 2501 Spruce Ave. under contract from Palm Beach-based Northwood Enterprises.
The CRA could approve a 50% reduction of the project’s local property taxes over 20 years, worth up to $6.1 million. West Palm Beach could award a $2.5 million grant over three years and waive the $190,000 fee for the plat application. The developer would also receive additional fee reductions from the city’s housing department.
In exchange for these incentives, the developer would dedicate 80 of the 270 units in the Spruce apartments as workforce housing for 20 years. The income levels for 70 units would be restricted to 100% of area median income, with the other 10 units at 80% of area median income.
