West Palm Beach Apartments Break Ground with $50 Million Loan

Affiliated Development has broken ground on the Spruce, a mixed-income apartment complex in West Palm Beach, after securing a $50 million construction loan from the Bank of Montreal. The project, located on a 1.41-acre site at 2501 Spruce Ave. in the Northwood Village neighborhood, will include 270 apartments, with 117 income-restricted units, and 2,330 square feet of retail space. Incentives from the city and a philanthropist are helping fund the affordable and workforce housing units. The project, set to complete in early 2026, will offer amenities such as a coworking center, fitness center, rooftop pool deck, and more.

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