Housing Trust Group Breaks Ground on New $33 Million 94-Unit Affordable Apartment Community Located in West Palm Beach
WEST PALM BEACH, FL – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on financing and broken ground on Flagler Station, a new $33 million affordable apartment community located in West Palm.
Beach, Florida. Apartment homes at Flagler Station will be set aside for income-qualifying residents who earn at or below 30, 60, 70 and 80 percent of area media income (AMI), with rents ranging from $393 to $1,689. The property is scheduled to deliver in February of 2022.
The development is a public-private partnership between HTG and the City of West Palm Beach and Palm Beach County.
“As the demand for affordable housing in South Florida skyrockets in the wake of the pandemic, affordable properties like Flagler Station are a lifeline for families struggling to survive until the economy recovers,” said Matthew A. Rieger, President and CEO of Housing Trust Group. “This exceptionally well- located residential community is just a few blocks from the new Brightline commuter rail station, CityPlace, and all the hotels, restaurants and offices of downtown West Palm Beach, making it ideal for residents who rely on public transit or commute on foot.”
Financing sources for Flagler Station include $23.27 million in 9% housing tax credits through the Florida Housing Finance Corporation (FHFC) that will be purchased by CREA; a $20.3 million construction loan from KeyBank; an $8.93 permanent loan through Freddie Mac; a $75,000 City of West Palm Beach loan; a $500,000 City of West Palm Beach grant; a $314,446 Palm Beach County grant; and a $550,000 HOME loan from Palm Beach County.
Located at 991 Banyan Boulevard, Flagler Station is an eight-story, high-rise property with a mix of one-, two- and three-bedroom apartments. Community amenities will include a 3,200-square foot, double-high multi-purpose clubroom, a computer/business center, a rooftop pool, a state-of-the-art fitness center, and on-site parking.
The project team for Flagler Station is general contractor Rinaldi Construction, engineer and landscape designer Wantman Group, and architecture firm Corwil Architects.
Read more from MultifamilyBiz…