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Image of two apartment complexes to be built in Lake Worth

 

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BY WADE MILLWARD | THE REAL DEAL | OCTOBER 14, 2020

Deco Green and Element are planned to have 121 and 124 apartments, respectively

UPDATED, Oct. 14, 6:50 p.m.: Two Lake Worth Beach apartment complexes, proposed to bring a total of 245 units, are another step closer to starting construction.

The board of the Lake Worth Beach Community Redevelopment Agency approved amendments to the contract for one of the projects at its Tuesday meeting, and authorized staff to begin negotiations on the other.

Deco Green to have 121 apartments

The board gave contract approval to a $30 million, 121-unit apartment complex dubbed “Deco Green,” at 1715 North Dixie Highway. Office America Group, led by Ricardo Hernandez, won a request for proposal to develop the land earlier this year.

The CRA spent about $2.6 million to buy the land in 2018 and get it shovel ready, according to documents provided to the board.

The proposal calls for three buildings with one- to three-bedroom apartments, 966 square feet of office space and 7,406 square feet of retail, as well as a 30,000-square-foot public green space. Office America Group will pay the agency $2.49 million for the right to develop the project.

T&G Constructors is the contractor. Martin Architectural Group is the architect.

Office America Group defeated a proposal by Atelier305/Lineaire Group for a 69-unit residential project called The Flying Handkerchief. That group offered $415,000 to develop the project.

The site is next to a 230-unit mixed-use development and 59 single-family homes.

The CRA needed to approve two requests in the contract: that it would reimburse Office America Group $8,500 for documentary stamps, and that the agency would give up its right to repurchase the land once the foundation was poured.

Normally, the agency doesn’t pay for documentary stamps and it normally gives up its right to repurchase later in the process, once the building is occupied. Hernandez explained that taking control of the land sooner could help with financing the project.

As part of the contract, Hernandez agrees to receive a certificate of occupancy no later than two years from the closing date of the sale, with an extension possible. That puts the project’s completion at about 2022.

Element to bring 124 apartments

In addition to the Deco Green project, the CRA’s board authorized staff to negotiate with the winner of a request for proposal for a development near Lake Avenue and M Street in historic downtown.

The winning bid is a proposed 124-unit, mid-rise apartment complex dubbed “Element.” Rosemurgy Properties, led by Alex Rosemurgy II, and Stateside Capital Group, led by Norman Weinstein, have partnered for the project. Stateside is the lead developer on the project.

Element proposes a five-story building with apartments of up to three bedrooms. 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.

Rosemurgy and Stateside defeated proposals from Aina Development for a 107-unit project called Eco-Jewell and a 195-unit project from Atelier305/Lineaire Group called The Modulor.

Neighbors who spoke during the public comment period expressed concern about how a mid-rise building could affect the look of historic downtown and said they want transparency on the developers’ plans for the project. Rosemurgy said the developers will meet with community members during the development process.

Board members Mark Rickards and Brendan Lynch recused themselves from the vote. The developers still have to receive approvals from Lake Worth Beach’s historic preservation board and city commission before construction starts.

Boca Raton-based Rosemurgy Properties is also involved in a three-story self-storage and retail center in north Boca Raton, and a retail and apartment development at Glades Road and 95th Avenue South that will feature an REI store.

In June, Stateside Capital Group sold a Riviera Beach warehouse at 1177 West Blue Heron Boulevard for $121 per square foot, or $18.35 million.

Other proposed multifamily projects in Lake Worth Beach include a 200-unit apartment building in historic downtown from Affiliated Development.

Read the article on therealdeal.com

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