Developers are hoping to get approval for Madison Terrace, an age-restricted housing community in Lake Worth, Florida. Documents show that the multifamily complex would comprise two six-story buildings, offering 176 homes.
The South Florida Business Journal notes that the one-bedroom apartments would measure 540 square feet to 576 square feet, specially designed for seniors. If approved, developers would reserve 10 percent of the apartments (17.6 units) for those making up to 30 percent of the area median income (AMI).
The venture could offer 176 apartments.
The remaining homes would be for those making up to 80 percent of the AMI. At the time of publication, RentCafe noted that rent for a 958-square-foot apartment in Lake Worth averaged around $2,200 a month.
Residential amenities could include 123 parking spots, a fitness center, billiards and game room, and an arts and crafts area. Madison Terrace would rest on a build site measuring 1.81 acres. Before the start of construction, developers would have to demolish a used-car lot.
The community would comprise two six-story buildings.
Madison Terrace LLC is the developer, and DM Architect is the designer. In addition to offering affordable housing options for seniors, Madison Terrace also aims to boost the local economy and encourage more development.
The developer has 821 S. Dixie Highway and 818 to 832 South H. Street in Lake Worth, FL, under contract.
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How do I apply. We are low income and over 55 years old