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Evernia wins highest scoring high-rise project

Uncategorized / 01.09.2015

Project Description

Affordable Senior Housing
2015 Award Winner – Highest Scoring High-Rise Project
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High Ridge Landing – Boynton Beach, FL

Uncategorized / 05.25.20140 comments

HIGH RIDGE LANDING
BOYNTON BEACH, FLORIDA
Project Summary
High Ridge Landing is a planned 184 unit multifamily rental housing community that will be developed on the northwest corner of High Ridge Road and Miner Road in western Boynton Beach, Palm Beach County, Florida. Boynton Beach is the third largest city in Palm Beach County, which has the largest population among Florida counties after Miami-Dade County (Miami) and Broward County (Fort Lauderdale). The site is ideally located just west of Interstate 95 in the Gateway Boulevard corridor near the Quantum office park, a major employment center in central Palm Beach County.
The development plan calls for 184 garden apartment units in eight residential buildings plus a community clubhouse. The planned unit mix will be 48 one bedroom/one bath units, 112 two bedroom/two bath units, and 24 three bedroom/two bath units. There will be a total of 31 garages. Unit sizes will range from approximately 800 A/C square feet to 1,230 A/C square feet. Virtually all the units will have an enclosed outdoor balcony or patio. Average unit size will be 1,040 sf. Units will feature granite countertops, stainless steel appliances, hurricane protective impact glass and full-size washers and dryers. Monthly rents are projected to range from $1,100 to $1,600 per month. The project is being evaluated for compliance with Florida Green Building Coalition certification standards, and green features will include Energy Star appliances, low-flow showerheads and faucets, low VOC paint, reflective roofing, irrigation recycling and drought resistant landscaping. The community will be anchored by a 4,000 sq. ft. clubhouse that will include the leasing office, community room for functions, fitness center and business center. There will be a pool and deck and a walkway around a scenic lake.
The property’s central location and ready interstate highway access makes for a short commute to West Palm Beach to the north and Delray Beach and Boca Raton to the south. In addition to the Quantum office park, major local employers include Bethesda Memorial Hospital and the 18 local public schools (12 elementary, 4 middle and 2 high schools). High Ridge is located immediately south of the highly-regarded Imagine Charter School, serving Grades K-8, which has a large waiting list. Nearby shopping includes: the Boynton Beach Mall, a 1.2 million sf shopping center anchored by Dillard’s, Macy’s, Sears and JC Penney, with over 140 retail shops and restaurants; the Boynton Town Center “big box” retail center; and Renaissance Commons at Congress Avenue, a mixed-use center featuring office, retail and residential uses. Further west in Boynton Beach are the noted Green Cay Nature Center & Wetlands and the Arthur R. Marshall Loxahatchee National Wildlife Refuge.
High Ridge Landing will be utilizing a construction loan commitment with a mini-perm option that will provide an estimated $19.0 million in financing out of total projected development costs of $26.2 million. Property management will be provided by the Southeast division of Lincoln Property Management Group, Inc., which has provided property management services to Eastwind’s principal on over 30 properties over the past 12 years. Rezoning and site plan approval have been completed, and permit submissions have been made. The property will be held for investment and refinanced at the end of the construction loan term, unless it is sold to a third party after leaseup and stabilization.

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