An apartment complex has broken ground at City Centre in Palm Beach Gardens after the developers secured a $24 million construction loan.
M&T Bank awarded the mortgage to City Centre Housing, an affiliate of Palm
Beach Gardens-based Eastwind Development Group and Prague, Czech Republicbased ICP. It funded the Solera at City Centre apartments on the southwest side of City Centre, which sat 2000 PGA Blvd.
Verdex Construction recently filed notice with the county that it started
construction on the project.
Solera at City Centre will have 136 apartments in four stories. Amenities would
include a pool, a clubhouse, and a central courtyard. Ten percent of the units will be for workforce housing.
The developers acquired the 3.2-acre site for $4.25 million in October 2019.
City Centre currently has 99,063 square feet of retail, offices and restaurants, so having apartments there could drive more traffic to the commercial tenants.
A new project, The District Flats rental community is coming to in West Palm Beach’s popular Warehouse District. The 178-unit multifamily development will be located at 1050 Blanche Street and will be a key addition to a neighborhood that has become a favorite destination for millennials… of all ages!
The District Flats will feature a modern-industrial designed, four-story building surrounding a central courtyard, swimming pool and deck area; a three-story building surrounding a garden amphitheater; and a three-level, 250-space parking garage enhanced by a large mural at the entry. A dog park and a public park at the south end of the site is planned, and the project will also include 2,700 sq. ft. of commercial space that will be home to a stylish cafe. There will be 26 studio apartments; 86 one-bedroom, one-bath units; and 48 two-bedroom, two-bath apartments, along with a 3,000 sq. ft. clubhouse.
“This project will not only answer the growing need for housing around Downtown West Palm Beach but will also help solidify the Warehouse District as the city’s next hub of urban activity,” said Jack Weir, founder and managing principal of Eastwind Development. “We see great things ahead for both Palm Beach County and the City of West Palm Beach.”
Designed by MSA Architects, with Verdex Construction as the general contractor, The District Flats is located south of the trendy Grandview Public Market food hall and other nearby retail and entertainment outlets like Steel Tie Distillery, Steam Horse Brewing Company and Surfing Florida Museum.
All units will feature nine-foot ceilings, keyless door entries, programmable thermostats, tile & wood plank flooring, stainless steel appliances, granite countertops, pendant light fixtures, bedroom ceiling fans and energy and water conservation features designed to lower monthly resident utility bills.
The development will also feature a set-aside for workforce housing. Twenty (20%) percent (36 units) in the community will be set aside for households with an annual income equal or less than 140% of the 2018 annual median income (AM I) for Palm Beach County for studios ($75,460 income), 1 BR units ($80,850 income) and 2 BR units ($97,020 income) at the time of initial leasing, Rents for the workforce housing units are not projected to be lower than market rents. The workforce housing restrictions will last for a period of 15 years.
The first modern apartment building has broken ground in the Warehouse District of West Palm Beach.
Located on the outskirts of downtown, the collection of warehouses along Clare Avenue and Elizabeth Avenue are transitioning from industrial use to dining and entertainment. That has made it a more attractive place to live. Synovus Bank boosted its mortgage to Warehouse District Flats LLC, an affiliate of Palm Beach Gardens-based Eastwind Development Group, from $3 million to $30.5 million. It covers the 5.53-acre site at 1630, 1710, 1940 and 1980 Clare Ave. The 55,519 square feet of warehouses there will be demolished.
Eastwind Development Group plans to build Ois1rict Flats In West Palm Beach. Verdex Construction recently filed notice with the county that it started construction of 178 apartments and 2,700 square feet of commercial space there. The buildings will rise three and four stories, with a parking garage between them. Ron Roan, VP of development and acquisitions at Eastwind, said the project should be completed in about 15 months.
“It’s going to be a real shot in the arm to the neighborhood,” Roan said. “There is already the exciting retail there. Our intent is to provide good quality housing with good proximity the retail. It should help the whole area grow.” The developer pledged to make 36 of the apartments there workforce housing, with rents set for households earning no more than 140 percent of median income. Units would range from 550 to 1,000 square feet. There would be 26 studios, 86 units with one bedroom, 18 units with one bedroom and a den, and 48 units with two bedrooms.
Roan said the smaller apartments would rent for about $1,500, while the larger two-bedroom units would rent for around $2,300. For the commercial space, Eastwind developer is seeking a coffee shop with a unique theme, he added. The amenities would include an interior pool courtyard with cabanas, a garden courtyard, a dog park and a public art park on the south side of the project.
District Flats was designed by MSA Architects. The developer acquired the property in two deals for a combined $5.17 million in April.
To receive text alerts and insights from South Florida Business Journal Senior Reporter Brian Bandel/ about the latest real estate news (with a side of health care and universities), join Project Text.
Eastwind Development Group and ICP have purchased land within the City Centre commercial center in Palm Beach Gardens, where they plan to build apartments. City Centre Associates LLC, managed by Brian K. Waxman of AW Property, sold 3.2 acres for $4.25 million to City Centre Housing LLC, an affiliate of Palm Beach Gardens-based Eastwind Development Group and Prague, Czech Republic-based ICP. It’s on the southwest side of City Centre, a 99,063-square-foot retail, office and restaurant complex at 2000 PGA Blvd.
Law form Mathison Whittles LLP represented the buyers in the deal. The vacant property last traded for $1.55 million in 2017. CO~i’, l A~CHITECTS The So!era at City Centre apartments in Palm Beach Gardens would have 136 units. Eastwind Development, led by John F. Weir, said it plans to build Solera at City Centre with 136 apartments in four stories. Amenities would include a pool, a clubhouse, and a central courtyard. Ten percent of the units will be for workforce housing, the developer said.
The city has already approved the project. The developer plans to break ground in December.
South Florida Business Journal
Lloyd Jones, a Miami-based multifamily investment firm, has purchased Ventura Pointe, a Class A residential community in Pembroke Pines, Fla., from seller Eastwind Development, according to Yardi Matrix data. The firm paid $55.6 million for the recently built community, which was completed last year.
Eastwind Development has received initial approval from Palm Beach Gardens City Council to build the Solera at City Centre apartment complex in commercial development at PGA Boulevard and US.1. The apartment building would include 136 units, 14 of them priced for working people.
Posted Apr 13, 2019 at 11:15 AM Updated Apr 13, 2019 at 11:15 AM
The current surge in new luxury apartment projects does nothing to fill the Daytona Beach area’s need for more affordable housing, but local observer G.G. Galloway believes it could be helping address another chronic problem.
“For years, our greatest export has been our young people,” said the longtime commercial Realtor, referring to the “brain drain” trend of homegrown talent leaving to pursue opportunities in larger metro areas.
“Now we’re starting to keep our greatest asset, the young minds being educated right here,” said Galloway, a partner with Coldwell Banker Commercial Benchmark Properties in Ormond Beach. “An aging community dies. We need to keep our young people here.”
Keys to attracting and retaining young professionals include creating more high-paying jobs such as the ones being offered at companies like Daytona Beach-based Brown & Brown Insurance, Ormond Beach-based Security First Insurance, both of which are building new headquarters in the area, as well as medical products manufacturer B.Braun.
Other keys include opportunities for millennials to connect with one another, such as the Volusia and Ormond young professionals groups and the need for amenities such as a greater selection of shopping, dining and entertainment options, which are being created in places like Tanger Outlets and Tomoka Town Center shopping centers as well as the One Daytona complex across from Daytona International Speedway.
But there is also the need for housing options that can appeal to young professionals.
That’s where luxury apartments, such as the new Tomoka Pointe Apartments set to welcome its first new tenants next to Tomoka Town Center, and Icon One Daytona Apartments along International Speedway Boulevard come in.
Christian Harris, 22, is an account executive with Brown & Brown who has enlisted two friends, both also in their twenties, to become roommates with him in one of the first apartment units at Tomoka Pointe.
“We’ll be renting a 3-bedroom, 2-bath unit for $1,680 a month, not including utilities,” he said, adding that he and his roommates looked at several housing options including the possibility of renting an older existing single-family house.
“Why rent a house where everything is old and you have to keep up the lawn when I can pay less and live in a luxury apartment where everything is taken care of,” he said.
“In the future, I will buy a house, but at this time you can’t beat the price of living in an apartment in that kind of area,” he said, referring to the I-95/LPGA area where an abundance of retail stores, restaurants and entertainment venues are either within walking distance or a short drive away.
“We’re going to be in the heart of the LPGA area where there’s a ton of stuff to do, restaurants and Dave & Buster’s (etc.),” he said.
He added that he and his soon-to-be-future roommates, including a marketing analyst with Brown & Brown and the co-owner of a software firm, were also past roommates, although not all three at the same time, when they were students at Florida State University.
“I could get a 1-bedroom, 1-bath unit by myself, but I enjoy living with other people,” Harris said, adding that they expect to move into their new apartment in May.
While luxury apartments are also planned to be built in downtown Daytona Beach where Brown & Brown is slated to open its new headquarters campus on North Beach Street late next year, Harris said he anticipates continuing to live at Tomoka Pointe, which is just a few-minutes commute from work.
“I’m very excited,” he said. “I’ll definitely be spending summer weekends down at the (Tomoka Pointe community) pool/grill area.”
By Brian Bandell – Senior Reporter,
South Florida Business Journal;
Eastwind Development Group has taken over and redesigned the first major apartment project planned in the Warehouse District of West Palm Beach. Located on the outskirts of downtown, the collection of warehouses along Clare Avenue and Elizabeth Avenue is transitioning from industrial use to dining and entertainment.
In December, a group of six buildings housing a food hall, a brewery, retail and co-working space in the district sold for $18.5 million.
John “Jack” F. Weir, president of Palm Beach Gardens-based Eastwind Development, said he likes what’s going on in the West Palm Beach Warehouse District, as it reminds him of the Wynwood Arts District in Miami and 12 South near Nashville. When an opportunity became available in the neighborhood, he jumped on it.
“The missing piece has really been residential in this area,” Weir said.; Developers Peter Cummings and Julie F. Cummings had the 5.53-acre site at 1630, 1710, 1940 and 1980 Clare Ave. under contract from Murphy Construction Co. and Jamco Inc.
The property currently has 55,519 square feet of warehouses. The Cummings’ successfully rezoned the property for apartments with ground-floor retail in 2018. It had a cube block design. A broker approached Eastwind Development in fall 2018 and said the Cummings wanted to sell their contract on the property, Weir said. Eastwind Development acquired the deal from them for enough money to cover the Cummings expenses, plus a bit extra, Weir said.
Now, Eastwind Development has filed an amended site plan for the project with a new design and the same density, called District Flats. The project would have 178 apartments and 2,700 square feet of commercial space in buildings of three and four stories.
A parking garage would be placed in between the two buildings. The Cummings’ design had apartments surrounding the garage, but Weir said it was more economically feasible to have mesh walls around the garage so it had better ventilation.
“We wanted something that had a little bit of restored warehouse look but was also a little more finished,” Weir said.
The developer pledged to make 36 of the apartments there workforce housing, with rents set for households earning no more than 140 percent of median income. Units would range from 550 to 1,000 square feet. There would be 26 studios, 86 units with one bedroom, 18 units with one bedroom and a den, and 48 units with two bedrooms.
The amenities would include an interior pool courtyard with cabanas, a garden courtyard, a dog park and a public art park on the south side of the project.; As for the commercial space, Weir would like to see a coffee roasting company there. There would also be 1,000 square feet of outdoor seating.
District Flats was designed by MSA Architects.
Weir expects his new site plan to go before the city Planning Commission in February and the City Commission in March. He hopes to break ground this summer.
Vice President of Asset Management at Eastwind Development LLC
Eastwind Development, LLC, a developer of multifamily rental housing based in Palm Beach Gardens, has promoted Stephanie Miller to Vice President of Asset Management, effective as of January 1, 2019. Ms. Miller joined the company in 2015 and has served as Director of Asset Management for the last four years, overseeing the Eastwind portfolio and supervising the property management companies retained by the company.
Eastwind Development has promised Palm Beach Gardens officials that if they allow 136 apartments, 14 will be rented at rates that police, firefighters, teachers and nurses can afford.
PALM BEACH GARDENS — A Palm Beach Gardens developer wants to build apartments on land once slated for a six-story office building.
The question is how many apartments Eastwind Development will be allowed to build in City Centre, a commercial development at the corner of PGA Boulevard and Ellison Wilson Road. Right now, the number is zero.
If the city council makes changes to allow a mix of residential and commercial development, the developer could build 95 apartments, Palm Beach Gardens Planning & Zoning Director Natalie Crowley said.
But the developer is hoping to build 136 apartments in the planned Solera at City Centre because he’s promised to include 14 that police officers, firefighters, teachers and government employees can afford.
It’s up to the city council whether to approve the additional apartments on the 3-acre parcel in the southwest corner of City Centre, which also is home to Twisted Trunk Brewing, Sara’s Kitchen and PNC Bank. City Centre is roughly 14 acres.
Eastwind Development President Jack Weir said he wants this to become a template for developers in northern Palm Beach County and the county as a whole. He’s also trying to show investors that projects with workforce housing, also called essential services housing, make less risky investments. Tenants rent them out faster and stay longer, he said.
“It contributes to the health of the community when people can live near where they work, where their children go to school, where they shop,” said Weir, who also is a board member of the Housing Leadership Council of Palm Beach County, a nonprofit organization that works on housing affordability issues.
It also benefits Business Development Board officials to have a variety of housing options when they’re trying to attract new businesses to Palm Beach County, Weir said.
City Centre is across from an unincorporated pocket where county officials approved 70 yet-to-be-built condos along the Intracoastal Waterway.
The Solera at City Centre apartments would generate less traffic than the commercial development approved for the site, which has been vacant for more than 20 years, according to the developer’s application. The city approved a 57,300-square-foot office building, but it was never built.
The apartments would range from 700 square feet for a one-bedroom to 1,250 square feet for a three-bedroom. Most would be one or two bedrooms. All would have 9-foot ceilings, tile and wood plank flooring, stainless steel appliances, granite countertops and conservation features to slash utility bills.
Eastwind plans to rent the apartments for working people for $1,525 to $1,775 a month, according to the development application. The rental rates will float, but the goal is to keep them $100 to $150 below the market rate for one-bedroom apartments and $200 to $250 below the going rate for the two-bedroom apartments, Weir said.
Eastwind put the property under contract in July. Weir said a confidentiality agreement prevented him from disclosing the sale price because the deal with City Centre Associates had not closed.
Although the City Centre isn’t within a quarter-mile radius of the future Tri-Rail station where experts have encouraged workforce housing, it is in a Palm Tran service area, Crowley said. It’s also within walking distance of grocery stores, restaurants and shops.
That was part of the appeal for Weir.
“We really like this location,” he said. “One of the things that we look for is walkability.”