West Palm Beach approves incentives for workforce housing project (Photos)
West Palm Beach officials approved about $8.6 million in incentives for an apartment complex by Affiliated Development that would include workforce housing.
Northwood Partnership, an affiliate of Fort Lauderdale-based Affiliated Development, has the 1.41-acre site at 2501 Spruce Ave. under contract from Palm Beach-based Northwood Enterprises. It’s in the Northwood Village neighborhood on the north side of downtown.
On April 3, the City Commission approved a 50% reduction of the project’s local property taxes over 20 years, worth up to $6.1 million, plus a $2.5 million grant over three years and the waiver of the $190,000 plat fee.
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. The median household income in West Palm Beach is $54,603. The developer said apartments in the Spruce building would start at $1,380 per month.
