Florida Community Bank has awarded Kenco Communities and Wexford Capital a $20 million loan to pay for the Water Tower Commons mixed-use project groundbreaking in Lantana (Palm Beach County).
The two developers are planning a massive mixed-use project at 1199 Lantana Rd., with 275,000 sq. ft. of retail space and 1,091 garden-style apartments.
Groundbreaking is expected between the second and third quarters of 2017 with completion for the retail section slated for early 2018.
Lantana officials granted site approvals for the project’s retail portion in December 2015, though approvals for the apartments are still pending.
Vice-president Michael Langolf told The Real Deal that the loan will be used for what he called “horizontal work” on the site — clearing land and installing utilities, which is necessary before vertical construction can begin.