The residential component features 55 townhouses and 20-for sale condominiums. Sales price start at $149,000 for the condominium units and $134,000 for the townhouses. Based on the market affordability analysis performed by the lender, households earning between 72% to 120% of the Palm Beach County Median Household Income, which stands at $60,000, will be eligible to purchase a home in the project. These families will be eligible to access the down payment assistance program from either the City or the County. Families earning 80% or less are eligible to obtain up to $25,000 in conditional grants and families earning between 80% and 120% are eligible for $5,000 to $10,000. The CRA has set aside $200,000 in grant funds for families earning 80% to 120% of the Palm Beach County Median Household Income.
The commercial buildings draw from Caribbean, Mediterranean and Neo-Classical styles and will complement the residential townhouses. The signature arch in the center of each commercial building creates a mid-block arcade both east and west of NW 4th Avenue, providing pedestrian access between the parking lot and Atlantic Avenue. The design introduces a measure of individuality and human scale akin to that found on East Atlantic Avenue, and should set the tone for future development in the area.
The two commercial buildings are being built as condominiums, which will be sold to entrepreneurs who have a stake in the community or seeking to establish a long-term business. As we know, ownership provides a higher success rate in revitalization. Any investor or business person who buys in the project are looking to stay for at least 5 years in the area, thus, stabilizing the business community. This strategy also gives local businessmen an opportunity to own a piece of their community. The projected average sales price for a 2,400 square feet commercial unit is approximately $430,000.
