West Palm Beach Condo Development Alba Palm Beach Locks Down $82 Million Construction Loan

Private real estate lender Trez Capital funded an $82 million loan to build Alba Palm Beach, a luxurious waterfront condominium project that will soon rise in West Palm Beach, Florida. The new development is located directly on the west bank of the Intracoastal Waterway in the emerging Northwood neighborhood. Alba will rise 22-stories and offers 55 luxury residences and four townhomes. Since launching sales in February 2022, more than 30% of the project has been reserved. Prices start at $2.5 million. With the loan in place, an official groundbreaking is expected this fall with a project delivery in 2025.

Trez Capital Managing Director Ben Jacobson originated the loan on behalf of the lead developer Kenneth Baboun. Jacobson is based in Trez Capital’s Palm Beach, Florida office led by Executive Managing Director, Eastern U.S. Brett Forman. BGI Capital structured the loan.

“Alba Palm Beach fills a glaring need for high-end residential product in a rapidly growing area of West Palm Beach,” said Jacobson. “We are excited to complete our first transaction with a sophisticated developer that will bring luxurious waterfront living to the city’s Northwood neighborhood.”

“We are so pleased to announce the securing of financing for Alba Palm Beach, especially with the great market response and sales success we have seen in such a short time since launching sales,” Baboun said.

“Working with the team from Trez Capital was a transparent and seamless experience and we are thrilled to have accomplished this milestone for Alba Palm Beach,” said Robert Barthelmess, Managing Partner of BGI Capital.

The spacious two-, three-, and four- bedroom residences range in size from 1,745 to 4,500-plus square feet. Each has oversized glass-framed terraces with summer kitchens and panoramic views, floor-to-ceiling hurricane impact glass windows, upscale appliances and designer fixtures.

Amenities include a private dock with boat slips for residents only, two pools, dedicated grill and lounge areas, state-of-the-art fitness studio, private elevators, virtual conference spaces, theater and multi-sport simulator rooms.

Alba Palm Beach is located at 4714 North Flagler Dr., just minutes away from world-class beaches, the famed Worth Avenue shopping district, upscale dining options and cultural activities.

“West Palm Beach has been a focal point of the substantial corporate migration to South Florida over the past few years,” said Forman. “That is creating intense demand for luxury residences in the city. Alba Palm Beach is poised to generate significant activity from both new-to-market and local buyers.”

For more information about Alba Palm Beach, private showings or purchasing/ leasing information please fill out the form below:

Eyzenberg & Co. Structures $73.35 Million Construction Loan For Downtown St. Petersburg Condo Development

Eyzenberg & Company has arranged a stretch-senior construction loan to finance the development of Reflections Condominiums, a 17-story condominium tower on Mirror Lake in St. Petersburg, Florida. The New York-headquartered commercial real estate investment banking firm was retained in 2021 as the exclusive financial advisor for the development of the 326,468 square foot building.

Situated at the Edge District of St Petersburg, Reflections is surrounded by new restaurants, boutique shopping, as well as award winning galleries and museums. With nationwide interest of homebuyers flowing into the greater Tampa and St. Petersburg markets of Florida, the developer was well positioned to deliver a product in extremely high demand. In the months leading up to loan closing the developer pre-sold over 55% of the building’s available units.

“Our firm and team members have a long history of representing developers in the South Florida community, one of the many reasons we established a local office in Miami in 2019” Said David Eyzenberg, President of Eyzenberg & Company.

The tower features open floor plan options ranging from 1,168 to nearly 2,285 square feet of interior living space. Reflections’ residents are provided private access to the tower’s 12,000 square foot rooftop featuring a glass façade, air-conditioned fitness center and social club, a tropical pool and spa terrace, outdoor kitchen and wet bar, and unparalleled panoramic views of Mirror Lake, Downtown St. Petersburg, and Tampa Bay.

The Eyzenberg deal team included Robert Ginsberg, Aaron Stelzer, Alex Anderson and Elena Burgos. After exploring the equity and structured capital markets to fill the existing gap in the capital stack, Eyzenberg arranged a construction loan from a debt fund that provided stretch-senior construction financing that allowed both existing sales deposits as well as future sales deposits to be treated as a source of capital that filled the entire capital stack. “This particular transaction underscores the need for sophisticated structuring capabilities vs introduction services in complicated scenarios” said Robert Ginsberg, managing director of Eyzenberg & Company

With economic headwinds facing the construction industry from inflation, the lingering effects of Covid-19, and geo-political pressures in Europe, Eyzenberg was able to work with both the lender and borrower to bridge cost overruns and a steepening yield curve and shepherd the transaction to a successful close.

The project is anticipated to reach completion and deliver the final units in April of 2024.

Deco Capital Secures $60 Million Construction Loan For Eighteen Sunset In Sunset Harbour

Deco Capital Group has secured $60 million in construction financing from City National Bank of Florida for Eighteen Sunset in Miami Beach’s hot Sunset Harbour neighborhood. The loan will fund the ongoing development of the newest mixed-use project combining office, retail, and residential uses. Eighteen Sunset broke ground in November 2021 and is expected to be completed in late 2023.

Eighteen Sunset will feature street-level retail and restaurant space, two floors of Class A+ offices totaling 40,000 square feet, and an exclusive top-floor penthouse featuring more than 15,000 square feet of interior space as well as a breathtaking rooftop pool deck. All told, the penthouse residence comprises approximately 30,000 square feet of private indoor and outdoor space, outdoor dining room, expansive gardens, seating and recreational areas affording the owner and their guests panoramic vistas of Biscayne Bay, Downtown Miami, and evening sunsets to the west.

“We’ve seen significant interest from some of the most desirable and prosperous buyers and tenants in the country, who are looking at Eighteen Sunset from both a residential perspective and as a ‘live-work’ opportunity in the heart of one of South Florida’s most desirable districts,” said Deco Capital Group Founder Bradley Colmer. “The level and quality of demand we’re seeing in Miami Beach is as strong as it’s ever been and we are already talking with some of the most exciting businesses and retailers in the market. Now that Eighteen Sunset is coming out of the ground and our financing is in place, we expect the building to be filled in short order.”

Situated between Purdy Avenue and Bay Road, overlooking Biscayne Bay and Maurice Gibb Park, Eighteen Sunset will offer unmatched walkability and accessibility in the heart of Sunset Harbour, which has emerged as one of South Florida’s hottest lifestyle, retail, fitness, and dining destinations.

The penthouse is listed with Oren Alexander of Douglas Elliman, the retail leasing is overseen by Sara Wolfe of Koniver Stern and Stephen Rutchik of Colliers International is overseeing the office leasing.

Renderings via Eighteen Sunset

Apollo Bank Reaches $1 Billion in Assets Following Banner Growth Year In 2021

South Florida-based leading community bank Apollo Bank has hit $1 billion in assets amidst the bank’s strongest growth year to-date. In the past ten years the bank has grown from $100 million to $1 billion. Apollo Bank focused on investing in technology and talent, including the addition of a new president and grew its residential lending division with the aim of supporting commercial clients. The bank’s steady growth over the past decade is reflective of Miami’s rise over the same period as a hub for business, investment, lifestyle, and arts and culture, which has fueled the region to lead the nation in a strong pandemic recovery led by significant wealth and business migration.

Apollo Bank is now the region’s leading community bank with five branches across Miami-Dade County’s key business sectors, including Brickell, Coral Gables, Doral, Kendall, and Hialeah. This growth has been despite the number of community banks in South Florida decreasing by more than half over the past decade as a result of acquisitions from larger financial institutions.

To start off 2021 Apollo Bank appointed Ramon Rodriguez as bank president, a well-respected leader and longtime banking executive. At the same time, the bank also announced significant investments in enhancing digital capabilities and recruiting top talent to ensure long-term growth while continuing to offer best-in-class service. As South Florida has experienced an expansion of its business landscape fueled by financial firms, investors and the tech industry all cementing roots in the region, Apollo Bank also grew its residential lending division aimed at supporting existing and potential commercial clients, new-to-market business owners and investors.

“Before the pandemic, Apollo Bank was already adding new technologies to its suite of services, including advances in mobile banking to match the bank’s elevated level of personalized and convenient service,” said Eddy Arriola, Chairman and CEO of Apollo Bank. “Like many other trends, the pandemic further accelerated the banking industry’s digital needs, resulting in the bank embarking on a digital revolution including the introduction of a new app, enhanced mobile banking, an optimized website and digitized internal systems to streamline internal communication.”

“As our economy diversifies, it created an opportunity for the bank to augment and invest in our residential lending team, which is providing financing to local, national, and international high net worth individuals,” said Ramon Rodriguez, President of Apollo Bank.

When Apollo Bank first launched in 2010, the $100 million institution had one branch in Brickell, Miami’s Financial District, and was founded by local businesspeople to serve South Florida’s business community, with an emphasis on forging long-term relationships with clients through exceptional service. While Miami was just starting to recover from a nationwide recession, the founder of Apollo Bank believed the current economic climate coupled with consolidation in the banking sector, made it an opportune time to launch a community bank.

“Back in 2008, in the height of the recession, I spoke with several industry veterans about opening a community bank focused on commercial clients. Everyone thought I was crazy,” Mr. Arriola added. “Now 10 years after launching Apollo Bank, I am proud of the organization we’ve built, how we’ve supported our community through the most uncertain times, including the pandemic, and how together, we have helped Miami transform into one of the financial and business capitals of the world.”

KAR Properties Locks Down $128 Million Condo Inventory Loan For 2000 Ocean In Hallandale Beach

KAR Properties, led by Shahab Karmely, have closed on a $128 million condo inventory loan for the recently completed 2000 Ocean in Hallandale Beach. Madison Capital Realty provided the loan which will be used to pay off a $103 million construction loan issued by Apollo Commercial Real Estate Finance in 2018. 2000 Ocean was completed in December 2021 and closings are set to begin January 14, 2022.

KAR Properties first launched sales for the project in October 2017 with Douglas Elliman Development Marketing before partnering with Edgardo Defortuna’s Fortune International Group to take over sales and marketing in August 2018. The project officially broke ground in November 2018 with Suffolk Construction as the contractor.

2000 Ocean rises 38 stories, providing spectacular views of the Atlantic Ocean and Intracoastal Waterway. The boutique condo tower, which is designed by Enrique Norten of TEN Arquitectos with concept design by Kobi Karp Architecture & Interior Design, landscape architecture by Sasaki and interior design by Minotti.

The project features 64 residences, the smallest being a 2,913 SF half floor 3 bedroom and ranging up to 5,832 SF full floor 5 bedroom penthouse residences. 2000 Ocean also features a duplex sky vill which comes complete with a private pool deck. Residences are designed by Minotti and feature expansive flow through floor plans, 10' ceilings, private elevator landings, floor-to-ceiling windows, custom kitchens by Minotti Cucine, Monterrey Marble flooring throughout including terraces, custom stone master bath with Agape floating bathtubs.

Services and amenities include two swimming pools with expansive sunrise and sunset views, direct beach access with private beach, private arial and valet entrance, 24-hour valet and concierge, an oceanfront library with garden views, an oceanside lounge and juice bar, an indoor theater, entertainment room, fitness center and a freestanding spa pavilion complete with treatment rooms, Hammam (steam bath), ice room and yoga room. The lushly landscaped grounds feature curated gardens by Landscape Architect Sasaki Associates. The original design concept architect for the project was Kobi Karp.

Prices at 2000 Ocean ranged from $2.6 million to $4.4 million and penthouses ranged from $8 million to $12 million. Remaining developer units start at $3.1 million and range up to more than $10 million for penthouse residences.

For more information about 2000 Ocean, private showings or purchasing/ leasing information please fill out the form below:

Royal Palm Companies Locks Down 3rd Largest Construction Loan In Florida History For Legacy Hotel & Residences

Royal Palm Companies, led by Dan Kodsi, has locked down a $340 million construction loan from the New York-based Silverstein Capital Partners for the sold-out Legacy Hotel & Residences in Miami Worldcenter in Downtown Miami. Legacy Hotel & Residences broke ground on August 19, 2021. The loan is Silverstein Capital Partner’s first financing deal in South Florida and represents the third largest construction loan in Florida history, following the The Estates at Acqualina’s $558 million in financing and Five Park’s $345 million in financing.

Silverstein Capital Partners is the lending arm of Silverstein Properties, who owns, develops and operates a $10 billion portfolio of high-quality assets including office, residential, hotel, retail and mixed-use properties. Silverstein Properties is known for the redevelopment of the World Trade Center in Manhattan following 9/11.

Legacy Hotel & Residences is located in one of the U.S.’s most ambitious and largest private master-planned communities, Miami Worldcenter (MWC), spanning 27-acres in Downtown Miami. The Kobi Karp-designed tower will sit on 1.3 acres, 60,000 SF, and will feature 310 sold-out branded residences which sit atop a 219-room hotel, which will be managed and operated by Accor under The Morgan’s Originals Portfolio, and a Blue Zones Center medical and well-being center.

Royal Palm Companies broke ground on Legacy Hotel & Residences on August 19, 2021. RPC and OneWorld Properties, led by Peggy Olin announced a $160 million sellout of its 310 residences in May 2021, just 12 months after launching sales.

The Blue Zones Center is a joint venture with Adventist Health and Blue Zones to operate Legacy’s $100 million, 10-floor medical and well-being center in Miami, making Downtown Miami home to the world’s first Blue Zones Center. The JV is one of the largest commercial leases to be executed in Downtown Miami’s history. The facility is expected to become the most technology advanced health and well-being facility in the world, according to Adventist Health.

The center will offer teams of physicians and practitioners, an onsite lab, pharmacy, full AI-powered diagnostic center and rooms outfitted with medical gas and ventilator capabilities, allowing the hotel to remain operational during future pandemics. All aspects of the 50-floor tower, from the hotel rooms and residences to the five restaurants, to the design and programming, will follow Blue Zones methods and guidelines to living long and happy lives.

The luxury skyscraper will also host ground-floor retail, downtown’s largest pool deck set on one acre, the city’s first enclosed seven-floor rooftop atrium with a restaurant bar and lounge, the city’s first Singapore-inspired cantilevered pool soaring 500 feet in the sky, and a members-only international business lounge.

Legacy’s MICROLUXE® residences range from 350 SF to 850 SF with studios to two-bedroom units, offering the functionality of a micro-style home with the high-quality design and superior finishes of an elite condominium.

The Developers of One Thousand Museum by Zaha Hadid Architects Pay Off $90 Million Inventory Loan Following Miami Art Week Sales

The developers of One Thousand Museum by Zaha Hadid Architects have paid off a $90 million inventory loan following a successful Miami Art Week 2021 which saw two units sell for a combined $30 million. A local buyer from Miami purchased a full-floor unit and a foreign buyer purchased a sky townhouse unit. One Thousand Museum is now 90% sold after 76 of the developer units have now been sold. Three furnished developer units remain.

The condo inventory financing was secured March 2021 from Cirrus Real Estate Partners after a Reuben Brothers-led venture, who had bought out the remainder of Fortress Investment Group’s stake in the debt behind the development, had filed a foreclosure lawsuit against the developers. Fortress Investment Group had initially provided a $225 million construction loan in 2016, half of which was later acquired by the Reuben Brothers-led venture, before a portion was paid back by the developers and the property was refinanced by Cirrus Real Estate Partners.

“Satisfying our $90 million loan in eight months comes during a buying frenzy and Miami’s high season, which we expect to take One Thousand Museum to sellout quickly,” said Louis Birdman, co-developer of One Thousand Museum. “Alongside Cirrus Real Estate Partners and our long-time collaborators at ONE Sotheby’s, we’re proud to conclude another chapter in this iconic building.”

“As a testament of the recent success leading to the loan payoff, during Art Week alone, our sales team inked two large sales totaling more than $30 million,” said Kevin Venger, co-developer of One Thousand Museum.

“One Thousand Museum is a unique and iconic property that will be enjoyed by its residents and a significant part of the downtown Miami skyline for years to come, said Joseph McDonnell, Managing Partner for Cirrus Real Estate Partners. “We are extremely pleased that the capital solution we provided to the sponsor group of One Thousand Museum facilitated the property performing to its full potential and, consequently, such quick repayment of our investment. Working with the developer group has been a pleasure and we look forward to collaborating with them again in the near future.”

One Thousand Museum was developed by Louis Birdman, Kevin Venger, Gilberto Bomeny, Gregg Covin and Todd Michael Glaser. The tower officially debuted August 2019 as one of the country’s most anticipated condominiums, with its striking exoskeleton instrumental to becoming the most iconic and identifiable tower in Downtown Miami. The tower was the designed by the late Zaha Hadid and was her first residential skyscraper in the Western Hemisphere. The unique tower features an exoskeleton which was made from glass fiber reinforced concrete imported from Dubai.

One Thousand Museum rises 62-stories and offers 84-units. The building’s luxe lifestyle and exclusive amenities are among its most desirable attractions including a private rooftop helipad, making it Miami’s only residential building accessible via its own private airport. One Thousand Museum is also the first residential building in the world to partner with Forbes Travel Guide to create a hospitality-focused experience for residents and their guests on par with the finest hotel in the world.

Additional amenities include a Sky Lounge for dining and private events; an on-premise bank vault; nearby private Beach Club, Museum Beach; access to a house car service, 1KM wellness center featuring state-of-the-art equipment by Techno-Gym, a Spa with relaxation pods and private treatment rooms for spa services and the Aquatic Center featuring an indoor lap-pool at the 61st Floor.

Photography by Robin Hill Photography

Foster + Partners-Designed Safra National Bank Headquarters Revealed As 3050 Aventura

Following the demolition of the Safra National Bank building in Aventura, site work is now underway on 3050 Aventura. The new office building will serve as the headquarters for Safra National Bank of which an affiliate, 3050 Aventura Owner LLC, is developing the project. 3050 Aventura will replace the former 3-story office building which was built in 1991 and acquired by Safra National Bank for $11.5 million in 2009.

Plans for 3050 Aventura were first submitted to the City of Aventura in December 2020 to redevelop the 1.31-acre site. 3050 Aventura was designed by Foster + Partners with ODP Architects as the architect of record. The project will rise 12-stories and will feature 113,650 SF of office space along with 386 below-grade parking spaces. Plaza Construction is the general contractor. The project expects to receive LEED Gold Certification.

Safra National Bank of New York is a commercial banking institution that serves high-net-worth individuals, large businesses, and international corporations through branches in New York and Miami. Safra National Bank offers wealth management, brokerage services, bond trading, lease financing, and correspondent banking. Safra National Bank of New York is affiliated with Banco Safra S.A., one of the largest private banks in Brazil which was founded by Brazilian billionaire-banker Joseph Safra.

Images via ODP Architects

Lissette Calderon's Neology Life Locks Down $78 Million Construction Loan For Allapattah Multifamily

Lissette Calderon’s Neology Life Development Group has locked down a $78,197,393 construction loan for The Julia, a 323 unit apartment building with ground-floor retail space in Miami’s Allapattah neighborhood. The loan was secured by Berkadia and provided by Trez Capital, a private real estate lender helping to build better communities across North America. Trez Capital Managing Director Ben Jacobson originated the loan, which closed on October 12, 2021. Bilzin Sumberg and GT Law provided legal counsel.

Construction has already begun, with the project set to be delivered in mid-2023. The general contractor for The Julia is JAXI Builders, Inc.; the architect is Behar Font Architects; interior design is by designBAR; and Witkin Hultz Design is the landscape architect.

“Lissette Calderon is a pioneering developer who has been extremely successful revitalizing the Miami River district and now breathing new life into Allapattah, one of Miami’s oldest neighborhoods,” Jacobson said. “We are delighted to partner on this exciting project by providing financing for a development that is sure to capture intense interest from the public.”

The Julia is Neology Life’s second, lifestyle-driven residential community in Miami’s historic Allapattah neighborhood. Formerly No. 16 Residences, The Julia is a $100 million, 14-story residential tower that will deliver 323 upscale one- and two- bedroom apartments to one of the city’s most historic and vibrant neighborhoods. Located at 1625 NW 20th Street, The Julia is situated just a few blocks from Neology’s first Allapattah apartment development, No. 17 Residences, which opened in May of 2021 and leased up in record time.

Allapattah sits just northwest of downtown Miami and abuts the famed Wynwood district to the east, offering easy access to major highways and employment centers. Allapattah, which includes Miami’s Health District, has quickly become one of Miami’s most sought-after urban territories, boasting a cluster of new cultural institutions (including the Rubell Museum and Superblue) as well as many new small businesses, restaurants and nightlife establishments.

“The Julia will offer a curated, one-of-a-kind modern residential living experience with cutting-edge amenities that will appeal to a diverse cross-section of today’s urban renters,” said Lissette Calderon, President and CEO of Neology Life Development Group. “The building has been thoughtfully designed, inside and out, to reflect the area’s unique history and character, and we hope as a result it will become a beloved and integral piece of the community’s fabric for many years to come.”

“This is an exciting milestone for Allapattah,” added Miami City Commissioner Alex Diaz de la Portilla. “High-quality housing options are key to our community’s success and projects like The Julia provide that. Moreover, Lissette Calderon and her team at Neology are experienced in building authentic, vibrant communities, and have a deep appreciation for Allapattah’s history, culture and mom-and-pop businesses. They will be valued, long-term partners in helping us achieve measured growth that benefits and inspires all Miamians.”

Calderon added, “Over 20 years ago, I started on this journey to deliver quality lifestyle-driven attainable luxury living to Miamians who were being priced out, and to help some of Miami’s most overlooked neighborhoods realize their full potential. I’ve had the honor of watching this transformation unfold in the Miami River District, where we started, and we see the same potential in Allapattah, one of Miami’s last remaining authentic urban neighborhoods. We chose to name our second Allapattah development after Miami’s founding mother, Julia Tuttle, who is a personal hero of mine – and because we hope it stands as a beacon to every young woman with big dreams. With hard work, grit and sacrifice, they can achieve anything.”

Inspired by Miami’s original real estate visionary, American businesswoman Julia Tuttle, The Julia will embrace a “tropics-meets-metropolis” aesthetic combining elements of Art Deco with 1950s-style glam. Interior common areas will feature neoclassical elements such as brass accents, wood details and colorful mosaics alongside bright, botanical patterned wallcoverings and other fun, punchy colorful elements for a mood that is romantic, sophisticated and timeless.

The property will offer a mix of one- apartments and two-bedroom apartments ranging from 600 to 1,00 square feet. Unit interiors will feature energy efficient, stainless-steel appliances, quartz countertops, European-inspired cabinetry, in-home washer and dryers, expansive views, and balconies in all units.. Amenities at The Julia will include a ninth-floor Sky Lounge with resort-style pool deck, clubroom, and wellness center, and 15,000 square feet of street-level retail space.

“When we evaluate lending opportunities, we focus on the needs of a community and the track record of the developer,” Jacobson said. “Partnering with Lissette and understanding her vision, we think Allapattah is perfectly positioned to attract nearby working professionals and families who desire a certain level of luxury living but are priced out of places like Brickell, downtown and Wynwood.”

The Julia is centrally located just a few blocks from the Civic Center Metrorail Station, the University of Miami Health System, Jackson Memorial Hospital, and Miami-Dade College Medical Center. The property is just a short car or public transit ride away from both Brickell and Downtown, home to several large employers and dining and shopping destinations, along with popular attractions such as Marlins Park, American Airlines Arena, the Adrienne Arsht Center for the Performing Arts, Perez Art Museum Miami and Frost Museum of Science, and the new Brightline commuter rail station connecting Miami to Fort Lauderdale, West Palm Beach, and eventually Orlando.

Neology intends to break ground on a third Allapattah residential community in the coming months, bringing its portfolio up to 1,200 apartments throughout Miami.

The multifamily market continues to sizzle in South Florida, with rent increases expected to grow between 8% and 9% over the next year, according to CoStar Group. Another report from Realtor.com says South Florida is the third-fastest growing rental market in the U.S.

Affiliated Development Closes On $53 Million Loan And Begins Construction On West Palm Beach Workforce Housing Project

Fort Lauderdale-based Affiliated Development has started construction on the highly anticipated mixed-income workforce housing project, The Grand, after closing on financing. The Grand was capitalized by a $53 million first mortgage from Bank United and an investment from Affiliated Housing Impact Fund, LP and a private family office.

Located in downtown West Palm Beach between 2nd and 3rd Street along Rosemary Avenue, The Grand is walking distance to the city’s newest office complexes, shopping, dining, and entertainment venues, as well as the Brightline and Tri-Rail stations. Fit with luxury finishes, features and amenities, the 8-story building will offer 301 one and two-bedroom apartments and 9 three-bedroom townhomes with ground floor commercial space.

The Grand is being constructed by Moss & Associates and was designed by MSA Architecture. Expected completion is slated for Spring 2023.

The Grand celebrates a successful collaboration between public and private entities to address both redevelopment and housing. In December 2019, the West Palm Beach CRA and city’s Housing & Community Development department awarded the developer $15 million in various funding incentives to bridge the funding cap and help finance the project.

“Our goal is to work with our city and CRA partners to create a transformative project that ignites redevelopment activities within the CRA target area and increases the quality of life for the city’s residents,” says Jeff Burns, Co-Founder and CEO of Affiliated Development. “West Palm Beach’s leadership and staff have been amazing to work with, and we are excited to play a role in this city’s evolution.”

The project will offer downtown class-A living and rents the average resident can afford. As part of the city and CRA funding incentives, the developer agreed to restrict 2/3 of the units at various income levels starting at 80% of AMI.

“Affiliated Development’s $81 million investment into the city’s historic Northwest community represents the single largest private investment in this neighborhood’s history and will deliver much needed workforce housing for our city’s residents,” said West Palm Beach Mayor Keith A. James. “This project supports the city’s efforts to build stronger neighborhoods and to provide better connections for residents between their home and their job.”

The project supports Mayor Keith James’ “500 in 3” initiative, an effort to create 500 workforce and/or affordable housing units in West Palm Beach within three years.

West Palm Beach is experiencing a wave of new residents and economic development as the city is quickly becoming a prime financial center for firms relocating from New York and other U.S. markets.

“Recent job growth has exacerbated the housing need,” explains Nick Rojo, Co-Founder and President of Affiliated Development. “As a longtime resident, it’s especially meaningful for me to help deliver such an impactful and transformative project to the city.”

In December 2020, Affiliated Development announced the successful closing of their $125 million housing impact fund to capitalize the company’s projects and tackle the region’s workforce housing crisis, largely comprised of local public pension plans. Affiliated Development has found a niche in public-private-partnership development and have over one-thousand workforce units in the pipeline throughout South Florida.