Construction has started on a workforce apartment complex in Palm Beach County.
The Residences at Lake Worth is slated to measure five stories above grade, comprising 195 apartments. Homes would span one-bedroom to three-bedroom layout plans, and the venture would host a variety of amenities, including (but not limited to) a 4,980-square-foot clubhouse and swimming pool. There will also be 279 parking spots.
As noted, the homes would be designated as workforce housing which, according to Palm Beach County records, is housing generally reserved for households earning 60 to 140 percent of the area median income (AMI). Palm Beach County’s median household income is $111,800.
Prior to groundbreaking, the 7.4-acre site was vacant. Image from Google Earth
An affiliate of Connecticut-based Richman Group is the project’s developer. The firm purchased the 7.4-acre build site for $5 million in 2021 and filed site plans two years later in 2023. Renderings from Google Earth show that prior to groundbreaking, the site was vacant.
To make the project possible, the developer secured $62.3 million in financing, with the lion’s share of the funding coming from Merchants Bank of Indiana, which provided a $427 million loan. Straticon is the Residences at Lake Worth’s general contractor; Behar Font Partners designed the community.
The Residences at Lake Worth is undergoing construction at 2431 2nd Ave. North, Lake Worth Beach, Florida, 33461, in Palm Beach County.
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Seriously, more college dormitory-looking buildings with balconies?