Multifamily development site in Lake Worth sells for $4M
We're a wonderful city for developers...we bend over backwards for them--"The MID will have 230 apartments, 4,800 square feet of retail, and 299 parking spaces in Lake Worth Beach. It is marketing towards the Millennials, young pro- fessionals and trendset- ters." The apartments will consist of 1 and 2 bedroom units at market rate.
In late 2017, founding partners of Affiliated Development, Jeff Burns and Nick Rojo proposed a project on the 1601 N. Dixie site to the CRA Staff. The property, known as the “Regency site,” has sat idle for at least the last ten years. It measures 5.6 acres and is the largest privately owned property in the CRA District.
The developer said that he wanted $2 million in incentives and in 2018, he qualified for a $1.04 million city incentive for infrastructure improvements, $1.4 million in property tax abatements through the city’s Community Redevelopment Agency and $163,148 in credits with the city-owned utility. The city has been working to encourage development of its downtown area along Dixie Highway.
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6 comments:
It's like the song "Suzanne" from the 60's: "between the garbage and the flowers."
Have we learned nothing from Delray? Over development, traffic nightmare, Miami sprawl all the way to Daytona.
Where ITF is all of the traffic supposed to go?????? I already can't use 10th or Lantana road!
Might be unpopular opinion here but I live 2 blocks away from this site and I’m thrilled. I wish they would bulldoze the neglected slumlord owner low rise multi units (a few look nice but most are disgusting) on J street that stretch from 17th south to downtown and put in beautiful newly developed multi units. If you live in this IMMEDIATE area I think you will understand the issues. Between the blight on Dixie, vacant lots, and the slum lord properties- degenerates have moved in like cockroaches. I frequent the corner store by my house looking behind me 10 times before feeling safe because I have been harassed by junkies hiding out.
I know not every neighbor is pleased and people will forever complain about traffic but I believe doing something is better than doing nothing and this looks like a high quality housing development. I’m excited to drive by something beautiful instead of a vacant parking lot!
This seems like a highly speculative venture. Could someone be underwriting the success of this project?
@9:10--look at all the money he is getting--over $2 million from the city
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