Affiliated Development sped up $7 million in public incentives to build a mixed-use project with affordable housing in Boynton Beach.<\/p>\n
The city commission voted Tuesday to fast track payments to Affiliated, which will receive the first installment after substantial completion of the development called The Pierce, at 115 North Federal Highway. Boynton Beach officials approved an agreement in the summer of 2022 that would\u2019ve paid out over 15 years.<\/p>\n
The faster pay schedule, less than three years, is meant to encourage Affiliated to build the project faster. It will consist of at least 236 apartments, 16,800 square feet of retail and office and 150 public parking spaces.<\/p>\n
Half of the apartments are to be reserved for workforce housing. Nine will be reserved for tenants who make up to 80 percent of Palm Beach County\u2019s area median income. About 55 apartments each will be for households earning 100 and 120 percent of the AMI, which is $96,100 annually for one person.\u00a0<\/p>\n
Those units will be marketed to police officers, firefighters, teachers and city employees \u201cwho want to stay in this city and not get priced out of this city,\u201d Vice Mayor Thomas Turkin said during a June 9 Community Redevelopment Agency meeting.<\/p>\n
Back in December 2021, Affiliated, founded by Jeff Burns and Nick Rojo, beat out four other real estate development firms in a bid to develop<\/a> 4.5 acres of CRA-owned land in Boynton Beach\u2019s downtown district.\u00a0<\/p>\n However, soon after the city approved a development agreement<\/a> with Affiliated in July 2022, construction was delayed for 18 months by a lawsuit filed by a neighboring property owner.\u00a0 Because construction costs have soared since then, Affiliated said it needs the $7 million \u201cmore on the front end,\u201d the company\u2019s co-founder, Rojo, told<\/a> the South Florida Business Journal.<\/p>\n Under the revised agreement, Affiliated will get its first payment 40 days after all of the apartments are ready to be occupied. A second payment of $3 million will be paid a year later, and a third payment of $2 million paid a year after that.<\/p>\n But city officials said they wanted to give Affiliated their incentives even faster if possible.\u00a0 .\u00a0<\/p>\n Boynton Beach officials have sought to encourage more development within the city\u2019s 1,650-acre redevelopment district by offering land and subsidies to developers. It invested $15.4 million<\/a> this year acquiring 5.4 acres for a future gateway development project. The CRA also increased its incentive package for Hyperion Group\u2019s Ocean One<\/a> project from $9 million to $11 million.<\/p>\n Meanwhile, Affiliated has secured a $73 million construction loan<\/a> for The Dune, a 336-unit Live Local Act project at 2607 and 21617 South Federal Highway in Boynton Beach. It is also raising $250 million<\/a> to build mixed-income apartment projects throughout Florida.<\/p>\n","protected":false},"excerpt":{"rendered":"Affiliated Development sped up $7 million in public incentives to build a mixed-use project with affordable housing in…\n","protected":false},"author":2,"featured_media":302843,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[127043,249,251,250],"class_list":["post-302842","post","type-post","status-publish","format-standard","has-post-thumbnail","category-fort-lauderdale","tag-affiliated-development-boynton-beach","tag-fort-lauderdale","tag-fort-lauderdale-headlines","tag-fort-lauderdale-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/302842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=302842"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/302842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/302843"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=302842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=302842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=302842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}