The groundbreaking for The Grand Apartments, took place recently in West Palm Beach. This project is being financed through a $52.52 million construction loan, which the developer, Affiliated Development, received from the Miami Lakes-based BankUnited. A 15 million incentive package was also awarded by the city in 2019, with the condition of making two-thirds of The Grand’s housing units income-restricted, for people earning from 80% to 140% of area’s median income, while one-third of the property is unrestricted.
Located just north of downtown, snuggled between Rosemary and Sapodilla avenues on the east and west, at the 620 3rd Street, The Grand Apartments in West Palm Beach this massive mixed-income housing project, is aimed at providing affordable mixed-income housing for downtown workers and other residents who fall in the category of moderate to low-income earners. The Grand Apartments will consist of an 8 story building, with a mix of two-and-three bedroom units making 301 units in total; 9 three-bedroom townhomes; and 4000 square feet of commercial and retail space.
Affiliated Development’s chief executive, Jeff Burns gave more insight on the project and he described The Grand Apartments as a major victory for housing, as this development was coming at a time when apartment rental rates were becoming too expensive for average working residents.
Burns pointed out that the aim of this mixed-income project was to prevent segregation of people based on their incomes. He also said, “We want this to be for people of various income levels, to have the same amenities and same finishes, and nobody knows who makes what.”
Plans from the The Grand Apartments in West Palm Beach development designs show that it will feature luxury finishes and amenities which include quartz countertops, Italian cabinetry, European style porcelain flooring, keyless Bluetooth entry, a resort-style pool with cabanas, state-of-the-art fitness facility, dog park, co-working space with free coffee bar and a Florida Bar lounge on the 8th floor.
Keith James, the West Palm Beach Mayor spoke highly of The Grand and stated the benefits of this mixed-income housing project to the community. James said, “This project supports the city’s efforts to build stronger neighborhoods and to provide better connections for residents between their home and their job.”
Two other companies working on this mixed-income housing project include the Miami-based MSA Architecture, as the designers and Fort Lauderdale-based Moss & Associates, as the general contractor. The developers expect The Grand Apartments to be completed sometime in spring 2023.