Developers obtain $32 million loan to build Lake Worth apartments
At 1715 North Dixie Highway
"Lake Worth CRA sold the property for $2.49 million in 2022. City officials have encouraged development on the east side of the city to spur economic activity.A joint venture between Miami-based developers Office America Group and Avanti Way Group obtained a $31.5 million construction loan to build an apartment complex in Lake Worth Beach.
The developers said they obtained the loan from a New York-based company, but didn’t disclose the name. It has yet to be recorded in county records.
Located on the 2.3-acre site at 1715 N. Dixie Highway, the Deco Green Apartments will total 125,000 square feet in four buildings, the tallest rising seven stories. It would have 125 apartments and 8,000 square feet of office/retail. The 20,000 square feet of green space would include a playground, a dog park and space for community gatherings."
Read who is behind it all...
What I want to know is how are lake Worth Beach utilities going to keep up with the supply and demand of all these apartments going up and also the roads are not made to handle all this traffic I'm just curious what the rent is going to be $1,500 for a studio I want to know what the CRA did with all this millions of dollars that they got when they sold the property that's good question
ReplyDeleteTerrific, more affluent local citizenry to support small business
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