The Lake Worth Beach Community Redevelopment Agency has approved construction of two apartment complexes — including one with an estimated $30 million construction value.
The CRA board approved amendments to the contract for one of the projects at its meeting on Oct 13 meeting, and authorized staff to begin negotiations on the other, The Real Deal has reported.
The first, a 121-unit complex called “Deco Green” at 1715 Dixie Highway will be developed by developer Office America Group, led by Ricardo Hernandez.
Documents provided to the board show that 5he CRA spent about $2.6 million to buy the land in 2018 and get it shovel ready. The Deco Green proposal indicates three buildings with one- to three-bedroom apartments, 966 sq. ft. of office space and 7,406 sq. ft. of retail, as well as a 30,000-sq. ft. public green space.
The site is next to a 230-unit mixed-use development and 59 single-family homes.
The project is expected to be completed by 2022.
The CRA board also gave staff authority to negotiate with the winner of a request for proposal for a development near Lake Avenue and M Street in historic downtown for a proposed 124-unit mixed use apartment project, called “Element.”
This project’s partners are Rosemurgy Properties, led by Alex Rosemurgy II, and Stateside Capital Group, led by Norman Weinstein. Stateside is the lead developer.
Element proposes a five-story building with apartments of up to three bedrooms, The Real Deal reports.. The building would have a four-story parking garage. The developers would finance with personal capital and said they can finish the project within 27 months from commencement, putting the opening date at about 2023.
The developers offered the agency $2.8 million for the land, which is located at 17 South M Street, 23 South M Street, 24 South L Street, 26 South L Street, 30 South L Street and 32 South L Street.