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.
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