The Grand Apartments recently opened in West Palm Beach. This project is financed by a construction loan of 52.52 million dollars, which the promoter, Affiliate Development, received from BankUnited, based in Miami Lakes. An incentive package of 15 million euros was also allocated by the city in 2019, on condition of making two-thirds of the housing units in the Grand with limited income, for people earning from 80% to 140% of the region’s median income, while a third of the property is free.
Located just north of downtown, nestled between Rosemary and Sapodilla Avenues to the east and west, at 620 3rd Street, The Grand Apartments in West Palm Beach, this huge mixed-income housing project aims to Provide affordable mixed-income housing for downtown workers and other residents who fall into the modest to low income category. The Grand Apartments will consist of an 8 storey building, with a mix of two and three bedroom units making a total of 301 units; 9 three-bedroom townhouses; and 4,000 square feet of commercial and retail space.
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Jeff Burns, Managing Director of Affiliated Development, gave more information on the project and described The Grand Apartments as a major win for housing as this development came at a time when apartment rental rates were getting too expensive. for average active residents.
Burns stressed that the goal of this mixed-income project was to prevent the segregation of people based on their income. He also said: “We want it to be for people of different income levels, to have the same equipment and the same finishes, and nobody knows who does what.”
Plans for The Grand Apartments development projects in West Palm Beach show that it will feature luxury finishes and amenities including quartz countertops, Italian cabinetry, European-style porcelain flooring, keyless Bluetooth entry, Resort-style swimming pool with cabanas, a state-of-the-art fitness center, dog park, co-working space with free coffee bar and a Florida Bar lounge on the 8th floor.
Keith James, the mayor of West Palm Beach praised the Grand and stated the benefits of this mixed income housing project for the community. James said: “This project supports the city’s efforts to build stronger neighborhoods and to provide residents with better connections between their homes and their work. “
Two other companies working on this mixed income housing project include the Miami based MSA Architecture, as designers and based in Fort Lauderdale Mousse & Associates, as a general contractor. The developers expect The Grand Apartments to be completed in spring 2023.