Multifamily project in Palm Beach County advances

Multifamily project in Palm Beach County advances

Multifamily project in Palm Beach County advances

A proposed 348-unit multifamily project between Lake Worth Beach and Wellington received approval from Palm Beach County officials, but it still has a long way to go before construction begins.

The Palm Beach County Planning Commission last week voted 8-to-5 to approve zoning changes, with some board members concerned about the number of residential units and the building height proposed for the project.

Staffers wanted to cap the number of future units at 284 and limit the building height to three stories. The project would be built on land currently used for agricultural and equestrian purposes and owned by companies managed by Sheldon Rubin.

Jennifer Morton of JMorton Planning and Landscape Architecture told The Real Deal that the project has another public hearing Oct. 28. After that, Palm Beach County commissioners would decide on adoption and rezoning aroundt March. She estimates that the project is still two years away from starting construction.

Morton told the county’s planning board at its meeting last week that capping the number of units would affect the project’s success, saying the developer originally sought 378 units. The cap would mean 64 fewer total units and 16 fewer workforce housing units.

The developer agreed to staffers’ desire for a quarter of the units to be dedicated workforce housing and agreed to reduce commercial space at the development from 140,000 square feet to 26,000 square feet, Morton said.

Called “Polo Gardens,” the development would have 17.5 units an acre on about 26 acres, more units per acre than other residential developments in the area.

Nearby Lake Worth Royale has 14 units an acre, with 370 total multifamily units on almost 50 acres. Fields at Gulfstream Polo has about 10 units an acre, with 140 townhouse units on almost 16 acres.

The board heard a letter from the Lake Worth Road Coalition opposing the project, fearing the area was becoming too congested. The coalition also sought a ban on fast food in the new development. Morton said the developer had agreed to the coalition’s demand to not allow a gas station at the development.

Rubin acquired the land from various owners starting in 2014, spending at least $7 million, according to records.

Among other proposed developments in Palm Beach County, a mixed-use project with a 158-bed, 117,000-square-foot adult living facility in Boynton Beach scored a $27 million construction loan in April. And an apartment complex on part of the Boca Dunes Golf & Country Club, developed by The Richman Group, scored a $57.4 million construction loan, also in April.

Palm Beach County and Fort Lauderdale among nation’s top single-family markets: report

Palm Beach County from the sky
Fort Lauderdale and Palm Beach County ranked among the nation’s five hottest single-family markets, according to a new report released Thursday by Ten-X.
Fort Lauderdale dropped from second to fifth place this year in Ten-X’s Top Single-Family Housing Markets Report for Spring 2016. Palm Beach County rose a few spots to land at No. 4. Seattle and Portland remained in first and second place, respectively, and Nashville was No. 3.
Other Florida cities also register spots on the list: Orlando at sixth place; Tampa at 11th; Miami at No. 19 and Jacksonville at No. 31.
Ten-X ranked the top 50 markets across the United States based on a combination of factors, including rising home prices, home appreciation, affordability and economic and demographic conditions.
According to the report, Palm Beach County experienced a 14.1 percent growth in home prices year-over-year, while Fort Lauderdale saw home prices rise by 8 percent. Home sales were up 2 percent and 1.7 percent in Palm Beach County and Fort Lauderdale, respectively, Ten-X found.
While both South Florida markets have bounced back from the economic downturn of a few years ago, home prices remain far below their peak levels, suggesting room for continued growth, the report said. At a median sales price of $247,000, Palm Beach County is still 18 percent below its peak. At $227,000, Fort Lauderdale prices are still 22 percent below their prior peak, according to the report.
“Palm Beach County and Fort Lauderdale embody the ongoing recovery effort seen in many Florida markets, leaving ample opportunity for future growth as housing fundamentals remain below pre-recession levels,” the report said.

Source: The Real Deal Miami