All a developer has to do is ask and he will receive
What a reputation Lake Worth (Beach) has on top of being the most gullible city around. Even the CEO of Affiliated Development said that naming this building was appropriate as they believe the name is very fitting--captures the essence and the personality of Lake Worth (Beach). Not my personality!There will be 154 one bedroom units and 46 two bedrooms with delivery date in 2022.
It was said that the average renter spends $30k a year in local spending. They are not building this rental for the average Lake Worthian as the majority of our city makes that much in one year.
It will be 7 stories, roof-top observation deck, 200 "luxury" rental multi family transit oriented units with parking garage. 120 parking spaces will be dedicated to City use out of 360 spaces, 12 of which are on the street level. They want a 35 year lease on the 120 parking spaces and the city to pay them $2,458,958 for the 1st year so that they can use that lease to get their financing; years 2-8 would be $72,000 and years 9-35 would be $144,000 a year.
The commission voted 4/1 to accept the proposal with Herman Robinson dissenting because of not enough discussion and/or understanding of the over $2 million investment we would have to make. Commissioner Robinson, once again, voted correctly and here I was worried while he was running for election that he would agree with our tax and spend lame duck commissioner on everything. Where is this money coming from? Left over general obligation road bond money? When, if ever, would we recapture this money?
This commission has no problem spending other people's money. And just think, 200 more people to use Dixie Highway and cars visiting the retail portion of this building.
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