City Approves Up to $15M in Incentives for Apartment Project
The West Palm Beach City Commission and Community Redevelopment Agency approved up to $15 million in incentives on Monday for an apartment project in the Northwest Historic District. The Grand, by Fort Lauderdale-based Affiliated Development, could boost economic activity in the low-income area, where the city has been trying to spur development.
Affiliated Development said it plans to break ground on the 289-unit Grand in late 2020 and complete it about 20 months later. It would rise on 2.42 acres at 325 N. Rosemary Ave. The developer owns the property through Rosemary WPB LLC. “We have spent months engaging with the community and its residents, who are expecting to see this project get underway in short order,” Affiliated Development CEO Jeffrey Burns said. “We will work tirelessly to put a shovel in the dirt as quickly as possible.” The CRA agreed to a $9 million grant for the Grand, plus a 50% refund of the property taxes created by the project over the first 13 years, worth up to $5 million. The city decided to provide a $1 million loan to the developer, which would pay 2% interest over 15 years.
The Grand would cost $71 million to develop. Of the 289 apartments, one-third would be restricted to people making no more than 100% of area median income, and another one-third would be restricted to people making no more than 140% of area median income. The remaining apartments would have no income restrictions.