On August 7, West Palm Beach officials announced the completion of the Flagler Station affordable housing project at a ribbon-cutting ceremony in Downtown West Palm Beach. The Flagler Station project is situated at 991 Banyan Blvd., a mere block away from the bustling Florida TriRail/Amtrak station. Flagler Station marks the first batch of downtown affordable apartments in the past three decades. The eight stories, Flagler Station boasts an array of 1 to 3-bedroom apartments that cater to a diverse range of residents. Designed to accommodate individuals and families with varying income levels. The apartments are allocated to those earning up to 30%, 60%, 70%, or 80% of the area’s median income.
The Flagler Station property exudes contemporary living with an impressive blend of amenities. A 3,200-square-foot multi-purpose clubroom, equipped with modern conveniences. And also the Flagler Station affordable housing project offers a space in downtown West Palm Beach for community engagement. Other offerings include a state-of-the-art fitness center, a computer/business center, and a rooftop pool that provides stunning city views and an On-site parking.
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Mayor Keith A. James emphasized the positive contribution of the Flagler Station affordable housing project in bringing new homes to the downtown area. In a statement, he extended gratitude to the Housing Trust Group, lauding their unwavering commitment to affordable housing in West Palm Beach. The partnership between the city and the Trust Group marks a significant stride towards a more inclusive and vibrant community, fostering anticipation for the project’s widespread positive impact.
Cost of Flagler Station affordable housing project in West Palm Beach
The $33 million Flagler Station affordable housing project financing structure encompasses $23.27 million in 9% low-income housing tax credits facilitated by the Florida Housing Finance Corporation and acquired by CREA. A $20.3 million construction loan courtesy of KeyBank, and an $8.93 million permanent loan provided by Freddie Mac. Additionally, the city of West Palm Beach contributed $75,000, while Palm Beach County extended a grant of $314,446. A further boost was lent by a $550,000 HOME loan from Palm Beach County.
The project’s grand-opening ceremony saw the presence of key figures who were instrumental in its realization, including Mayor James, state Rep. Jervonte Edmonds, D-West Palm Beach, West Palm Beach Commissioner Christy Fox and other.
