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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.
Benefits
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 |
