The West Palm Beach area is going to get some new housing. There was a housing grant approved by the city's commission for a large housing complex to be built in the Northwood Village. Development is always happening in this part of Florida, so it's essential to stay up to date with what is current. With the rapidly growing population and popularity of this area, the city has had to consider its housing and how it can accommodate its current and new residents.
New Development In West Palm Beach
The new development will have an 8-story building with 270 housing units. This complex is being built to help with housing affordability in South Florida. The city commission approved a 2.5 million dollar grant that will be paid out over the next three years toward the project's total pricetag of development. This development will be called, Spruce. There will be several different types of units available.
Certain units will be deemed affordable housing units and they will be available for residents who make between 80% and 100% of the medium income in the city. The building will feature amenities that will be available to all of the residents. These amenities include a rooftop pool, pickleball courts, a spin and yoga studio, and a dog park. This development should be breaking ground in the fall and hopefully completed by 2025.
Additional development will be in the city's Northwest community off Rosemary Avenue. This will be called The Grand. This will include 309 units set as workforce housing. The building is currently in the process of leasing its units. There will also be 43 new homes and commercial space in the Cpleman Renaissance Park area.
This spot has land donated to the development by the city of West Palm Beach. The goal is to provide quality homes that are financially attainable for the city’s workforce along with retirees and people who are disabled. The city is constantly looking for the best ways ut can find more affordable housing for those in many different fields. The desire is to accommodate all who call the Palm Beach area home and make the city what it ods today. Construction on these projects is set to start in July of this year and has a 12-18 month completion timeline.
All of these new developments are great for the Palm Beach housing market. They will add value to the surrounding homes which will positively affect the already great real estate market. Being that it is currently a buyer's market, these new developments will continue to keep the market moving in that trajectory.
Whether you are interested in buying, selling, or investing in the Palm Beach area, contact us. I would be happy to help you navigate the market and find the home that best fits your needs or market your home to meet your selling goals.