Urban Lofts in Lake Worth Open House

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On Sunday the CRA organized an open house for the public and the benefit of all those who bought into the urban lofts artist project in order to display their art. We stopped by after the Playhouse to see what was happening.  Many of the studios were open for our inspection.  Unfortunately I did not have the time to talk with any of the studio/loft owners who got the deal of a lifetime!
 

These artist lofts were built by the CRA with NSP2 grant funds paid by the taxpayers of the United States for $4.5 to $5 million.  The CRA sold all twelve, 3,000 square foot townhouses to artists whose credit score was 550 or better and not making more than 120 percent of the area median income for Palm Beach County of $73,080 for a family of two in a neighborhood already filled with families of the working poor. Originally CRA Director, Joan Oliva, said that the price on these 3,000 s.f. units with garage would range from $90,000 to $110,000.

Urban Lofts

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Lake Worth celebrates opening of live/work lofts. Well, hey, we just might as well celebrate something.

Read about the Urban Lofts grand opening Friday @ 10am, built by the CRA with NSP2 grant funds.  The CRA is selling the twelve, 3,000 square foot townhouses to those artists whose credit score is 550 or better and not making more than 120 percent of the area median income for Palm Beach County of $73,080 for a family of two in a neighborhood already filled with families of the working poor. Originally CRA Director, Joan Oliva, said that the price on these 3,000 s.f. units with garage will range from $90,000 to $110,000. I heard that someone bought there for $134,000. Perhaps all of the above numbers changed by the time they were finally built.

As I recall, the lofts were going to cost between $4.5 and $5 million to build. Divide that by 12. Ain't America wonderful?

Urban Lofts, the CRA affordable housing project in Lake Worth

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Changing the look of the neighborhood
Notice the small set-back
Comparison of an Urban Loft townhouse
 to a single family house next door

Oh no, it's the Urban Lofts again, built on a hope and a dream of affordable housing for artists.

There are some in the neighborhood who actually believe that the Urban Lofts will lift their neighborhood. Only time will tell as we have had a lot of failed condo and townhouse projects throughout the county and especially here in Lake Worth.

On Monday night at 6pm there is a special meeting at 6pm to discuss the final approval of the Urban Lofts project and the requested Utility easement.

During utility coordination, the contractor realized that the design of the building, with the 2nd floor overhang in the rear of each unit, created a need for an additional easement that allowed for the location of electric meters within this overhang area of each lot. After coordinating with the utility providers, ORB 25648 PG 1503 was recorded to allow for these service locations within the individual lots. This easement is referenced on the plat.

The CRA is requesting final approval of the plats: Corner of Lucerne Avenue and North F Street and the west side of North F Street between Lake Avenue and Lucerne Avenue; the project is inclusive of the following parcels:

38-43-44-21-15-010-0210 1202 Lucerne Avenue
38-43-44-21-15-010-0230 -Vacant-
38-43-44-21-15-010-0250 -Vacant-
38-43-44-21-15-010-0270 1214 Lucerne Avenue
38-43-44-21-15-010-0290 1218 Lucerne Avenue
38-43-44-21-15-505-0060 1205 Lucerne Avenue
38-43-44-21-15-505-0070 11 North F Stree
38-43-44-21-15-505-0090 1202 Lake Avenue
38-43-44-21-15-505-0100 1204 Lake Avenue

And as there are winners and losers, this time the developer can't lose. He will get his $4.5 to $5 million from the NSP2 government grant paid by loans from China, and the CRA will be selling the twelve, 3,000 square foot townhouses to those artists whose credit score is 550 or better and not making more than 120 percent of the area median income for Palm Beach County of $73,080 for a family of two in a neighborhood already filled with families of the working poor. CRA Director, Joan Oliva, says that the price on these 3,000 s.f. units with garage will range from $90,000 to $110,00.

I have to wonder how these eventual new townhouse owners will afford the electric bill as these units will be 3 times larger than the average house in Lake Worth. I also wonder if in a few years the City of Lake Worth will, once again, be a loser with another uninhabited townhouse project sitting in an old section of our city. Hopefully by then, the economy will be in better shape and the city will be on its way as a destination, not only for arts but for our beach that is in its final stages of re-development. That is the gamble but it is, after all, someone else's money.