The underlying goal of the Downtown Redevelopment project was to move the existing parking at three downtown sites, relocating it behind buildings along Lake and Lucerne in order to convert the current locations facing the roadways to retail and mixed use (residential) sites, and thereby creating a continuous store-frontage to enhance Lucerne Avenue's aesthetic appeal, and increasing the number of Lake Worth residents who live, work and shop downtown.

In early 2003, the City Commission authorized the CRA to request developer proposals for the redevelopment of three downtown properties including the former First Union Bank site at 114 North “J” Street and two public parking lots located on the south side of Lucerne Avenue between “J” and “L” Streets.

The proposal selected for negotiating purposes included a 24-unit townhouse project on the former 1st Union Bank site along with 90 new public parking spaces located on-street, and approximately 16,000 square feet of retail/residential mixed use projects on the two public parking lots.

Although the City Commission decided against redeveloping the parking lots on Lucerne, it decided to move forward with the townhomes on the former First Union Bank site. The City has sold the property to the developer that submitted the proposal, and the developer has begun the development process. The existing bank building should be demolished soon, but it will take a good deal longer to complete design and permitting prior to construction.

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