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.
Read also: First phase of The Rise Koreatown completed, Los Angeles
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.
