Developer Seeks $15M in Incentives for Apartments in Low-Income Neighborhood
Affiliated Development is seeking up to $15 million in public incentives to build a mixed-income apartment complex in West Palm Beach. The project, dubbed the Grand, would go in the Northwest Historic District, a low-income area the city is trying to spur economic activity in. The developer owns 2.42 acres at 325 N. Rosemary Ave.
The larger incentive packages will go before the city's Community Redevelopment Agency on the afternoon of Dec. 2. Rosemary WPB LLC, part of Affiliated Development led by CEO Jeffrey Burns, is seeking a $9 million grant plus a 50% refund of the property taxes created by the project over the first 13 years, worth up to $5 million. On the evening of Dec. 2, the City Commission will consider a $1 million loan for Rosemary WPB. It would carry a 2% interest rate and mature in 15 years.
The Grand would rise eight stories with 287 apartments, 4,000 square feet of retail and a parking garage. Under the incentive agreements, the developer would restrict one-third of the apartments to people making no more than 100% of area median income and another one-third to people making no more than 140% of area median income. The remaining apartments would have no income restrictions.